Anderson Gabriel Mortgage

The originators at Anderson Gabriel Mortgage use policies and procedures developed over many years to ensure your application is processed in the most efficient manner possible.

We have developed a simple timeline to assist you in estimating the approximate closing date of your loan. Each stage is explained in greater detail immediately following the timeline.

Loan Process Timeline

Signed application and all required items received
Conditional approval is received from the lender
Approval is verified and accepted by client
Interest rate is locked or floated
Property appraisal and title work is ordered
Appraisal and title is received
Processed and completed loan file is submitted to lender
Final document stipulations received
Clear to close received
Closing scheduled and final documents received
Closing / document signing
Loan funding

1. Signed application and all required items received (day 1)

The signature on the application is paramount as the lenders will not consider an application that is not signed. The required items will enable us to provide the most correct information possible ensuring an efficient conditional approval.

2. Conditional approval is received from the lender (day 2)

The lender will provide us with a “conditional” approval upon electronic submission. This approval is valid as long as we can provide the designated “conditions”, usually simple re-verification or additional documentation of provided information.

3. Approval is verified and accepted by client (day 2)

It is very important that we verify this approval with you to ensure that the conditions the lender gave us are easily obtainable. If the conditions prove difficult, you may decide to pursue a different lender as each lender may issue different conditions.

4. Interest rate is locked or floated (day 2)

It always your option to lock or float your loan after we have received the conditional approval. If you choose to lock, you will be unable to change your interest rate if the rates go down. If the interest rates rise, you are happily protected.

5. Property appraisal and title work is ordered (day 2)

An appraisal done by a qualified and licensed real property appraiser will be required for final loan approval. This will establish the actual property value and will be the primary vessel the lender will use to establish the LTV or loan-to-value.

The title work consists primarily of research done at the county courthouse to ensure there are no encroachments, easements or other issues that may affect the title to the property. A property cannot be transferred or refinanced without a clear title.

6. Appraisal and title received (day 5-10)

The time required to complete the title and the appraisal is dependant on several factors. Both the appraisers and the title companies used to update the abstract to the property can get behind during the busy seasons (late spring, summer and early fall). This is why there is a discrepancy in completion days. We will keep you informed as to the status of your file.

7. Processed and completed loan file is submitted to lender (day 11)

When we have received the appraisal and title, our processors are ready to prepare your loan file for underwriter presentation. This is a very critical step as our processors need to present your file correctly and swiftly as everything from this point needs to be handled efficiently to ensure proper approval. All the documentation you have provided as well as documents and forms prepared by our processors are careful prepared, in order, per the lender specifications.

8. Final document stipulations received (day 14)

Once the lender underwriters have reviewed your loan file, they will issue a final stipulation list. This list may contain any items in which the lender needs further clarification or validation. Some of this information may need to be provided by you. If so, the faster you can provide us with this information, the faster we can obtain final lender approval and the clear-to-close.

9. Clear to close received (day 16)

The clear-to-close is the document we have been working to receive. This is the document that enables us to order the final lender documents and have them sent to the title company for closing.

10. Closing scheduled and final documents received (day 18)

Once the closing is scheduled with the title company, they will receive the final closing package. This package contains all the final loan documents you will need to sign in order to receive your new mortgage.

11. Closing / document signing (day 19)

Your closing/signing will take approximately 30 minutes for a refinance loan and approximately 60 minutes for a purchase transaction. Be sure to bring your drivers license or another, valid, picture ID as these are frequently requested to verify your identity. It is very important to be on time for your closing.

12. Loan funding (day 19-25)

In a purchase transaction the loan will fund at the closing table so that the seller of the house can receive the money he is due immediately and you can occupy your new home immediately. In a refinance transaction, typically there is a 3 (three) day right-of-rescission. This is a state mandated “waiting period” required on any refinance of a primary residence. If you are refinancing an investment property, typically this period will not apply.

Congratulations!!
Your new mortgage loan is completed

Please make sure to call us directly if you have questions regarding anything you do not understand during this process. It is our job to provide you with the best service possible.

(877) 217-7920