• Tel: 801-360-0882
    Email: bruce@aspenmtg.com

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  • The Loan Process

    The Mortgage Loan Process takes an average of 3 to 5 weeks from start to finish.  How long it takes depends mainly on how complicated the borrower's financial situation is and how quickly they provide requested documentation to the lender. 

    Our goal is to get you through the process as quickly and as painless as possible.  The less stress the better. Most of our business comes from referrals for this very reason.  Chances are if you are reading this you were referred by a friend or family member. 

     

  • What to expect

  • Apply for a loan

    The first step is the application.  This is were we obtain the critical information that determines if you qualify and how much you can qualify for.  It is important that the information you provide is as accurate as possible. This will help quicken the loan process and reduce problems down the road. 

    There are three ways to apply for your mortgage with Aspen Mortgage. 

    1. Call us on the phone.  We can interview you on the phone had usually have the information we need in less than 15 minutes.  We will be asking for income information, social security numbers and birth dates.  We will ask questions to determine what the best loan program will be to fit your situation.  If there is documentation we need for the application you can email or fax it to us for a quick After the phone call we can usually have the pre-qualification completed within an hour.  
    2. Call us for an appointment and come to our office for a formal interview.  We will tell you what information you need to bring with you such as income documentation, bank statements, etc. A formal application usually takes 30 - 60 minutes.  Once completed we can usually have an answer back to you within an hour. 
    3. Use our online Blink Application which allows you to submit the information we need online and then submit to us directly for processing. Upon receipt, as long as the information is complete and accurate we can usually have an answer back to you within an hour of receipt of your application. 

    Once you are approved we will be able to start the processing of your loan if your are refinancing or purchasing and already have a property under contract. If you are shopping for a home we can provide you with a 'Mortgage Commitment' letter that you can give to a Realtor or Seller to verify your are a qualified buyer.  There is no charge for this service.

  • The credit decision to final approval

    Loan processing is the information gathering process to get the loan ready to send to the underwriter.  The underwriter works for a wholesale lender and is the person who makes the final determination for our loan approval. 

    We will first check your credit score and credit history. It is important to determine that your credit score and history fits in the loan program guidelines. 

  • Here is a typical list of the information (documentation) that we will need from you:

    • Copy of the borrower(s) most recent last two paystubs
    • Copy of the last year's W-2 forms (some programs require last 2 years W-2 forms)
    • If you have any self-employed income (schedule C or schedule E) we will need complete copies of your last 2 years tax returns.  If the income is on schedule E and you own over 25% of the business we will also need the last 2 years business tax returns. 
    • If the loan is a purchase we will need the last 2 month's complete bank statements for the account that is the source of the down payment funds. 
    • Name and phone number for the insurance agent you would like to use for your home owner's insurance policy. 
    • Copy of borrower(s) photo ID (driver's license)
    • In some cases there will be other documentation requested such as letters of explanation for special circumstances or events. 

    We will also be sending you preliminary loan disclosures, that are required by the Federal Reserve, for you to read, sign and return. 

    If everything looks good to this point we will order the required Title Report and Appraisal for the subject property. This part of the process usually takes the longest time. 

  • Once we have all the above information we will send your loan file to the underwriter for review.  This review can take as little as 24 hours and a long as several days depending on the loan program and how busy the underwriter is at that time. 

  • Typically after the underwriter's review a conditional loan approval will be issued and there will be additional conditions requested from the borrower(s), Title Company, or Appraiser. 

    When all of the underwriter's conditions have been cleared the loan will then be ready to close and a document called the Closing Disclosure will be sent to you for your review. It will have all the final numbers for your loan.  You have 3 days to review it before you can close. 

  • Next comes the actual closing at the Title Company.  The Closer at the Title Company acts as an intermediary between you and the lender. The Closer will explain each document to you before signing.  The Title Company will provide you with a copy package of everything you have signed.  The loan package will then be sent overnight to the Funder. 

  • Funding your loan

    Funding is the process when the actual funds are wired to the Title Company for disbursement. Upon receipt of the funds the Title Company will record the deeds with the County Recorder and the home is now yours. 

    Typically funding will occur within 24 to 48 hours of closing.  We can fund your loan the same day as closing but we need to know this requirement at the beginning of the Loan Process to set it up.