The Five Step Mortgage Process



Step 1: Prepare.

Time for some homework. By organizing your financial documents prior to meeting with a mortgage lender, you will improve your experience through the application process. Please review How To Obtain a Loan for a list of required documents that will get you started.

Step 2: Prequalify.
On-line prequalification is required. Provide the required documents to the New Home Sales Team. They will connect you to a mortgage professional from Bank of America, Santa Barbara Bank and Trust, or Prospect MortgageĀ to prequalify you for a purchase at Bella Riviera. Your mortgage professional will review your finances and provide you with an estimate of how much you can afford to borrow.

Step 3: Apply. Once you have selected a home to purchase, meet with your mortgage lender to complete application forms. Certain fees may be required at this stage, such as application, credit report and appraisal fees. When you have provided all of the required documentation, the lender will submit your application to an underwriter. Your lender will keep you informed about the underwriter’s decision and the next steps required. You will be required to provide a letter of approval to your New Home Sales Team.

Step 4: Clear conditions.
You may receive a conditional approval, which means that as long as specified conditions are met prior to close of escrow, your loan is approved. Conditions may be such as: Property must appraise for a certain value to support the loan amount; or title must be clear. You may have to provide proof of insurance, and the lender will verify that your financial situation remains unchanged from the date of your application. Prompt response to your lender will facilitate the process.

Step 5: Close escrow!
You will meet with your escrow agent to go through all of the documents you must sign. Bring deposit funds in the form of a certified check. You will be notified of the amount prior to your appointment. Shortly after you sign documents, your loan will fund and you will be the proud owner of a home at Bella Riviera!

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