Mortgage Process


Application

When you contact Mobley Homes about a mortgage, your lender will help you complete a mortgage application (also called a 1003) either in person, by phone, by mail or online. During the application process, your lender will assist you in determining which is the best mortgage program for your needs. They will also give you a Good Faith Estimate, which anticipates the funds you will need for loan approval and closing along with all Federal- and State-required disclosures.

The loan program that you and your home loan advisor decide on will determine the different paperwork you’ll need when you’re ready to complete your application. In general, it’s a good idea to have the following items and figures with you:

  • Value of assets, including cars, stocks, real estate, personal property, pensions and investment accounts.
  • Two most recent statements from your bank, and from your investment and retirement accounts, if applicable.
  • Pay stub(s) from the last 30 days showing year-to-date and the current earnings periods.
  • W-2s and 1099s from the past 2 years.
  • Self-employed applicants may also need to provide Federal tax returns from the past two years, 1040s and business profit and loss statements.
  • A summary of your current monthly payments and your outstanding mortgage balance, if any.

Underwriting

Once your loan application is complete, your loan advisor submits it to a member of the underwriting team. The underwriter reviews your loan application and ensures that all of the necessary information and documentation needed for your loan program is in your file. Once everything is in place, the underwriter makes the final decision on loan approval.

Loan Processing

Once your loan is approved, your file will be given to your loan processor, who will be your primary mortgage contact throughout the mortgage process and until it is time to schedule your closing. The loan processor will also assist you if there are any conditions outstanding which need to be addressed in order to receive full loan approval.

Closing

The closing is the final step in the loan process. Several weeks before your closing, your home loan advisor will call you to lock the interest rate on your mortgage and schedule an appointment for the closing. When your loan is approved and your home is ready to close, Mobley Homes will contact you to confirm your closing date.

At the closing, you will review and sign all of the required documents with the closing agent/attorney and pay your closing costs. After you have signed the loan documents, your loan documents will be recorded and you will officially become a homeowner.

What to bring to closing:

Certified funds

One of the most important things that you must bring is a cashier’s check in the amount of the funds needed to close the loan. Mobley Homes will give you an estimate of the money needed on your Good Faith Estimate, and your title company or closing attorney will confirm the exact amount a day or two before closing.

Identification

You should bring your driver’s license, passport or other government issued photo identification to closing so we can make a copy.

Hazard Insurance Policy

Homeowners insurance is an important requirement that you should obtain before closing on your new home. We would like to stress that you will need to arrange for homeowners insurance coverage before you close on your home. You will also need to provide a copy of your policy along with a paid receipt for the first year’s premium to your loan processor.

After Closing

After closing, Mobley Homes will transfer your mortgage to the lender, who will then become your loan servicer. This transfer will not change any of the terms of your loan program. You will receive information about this lender, including when and where to send your payments once the transfer is complete. We will guide you carefully through this process and answer any questions that you may have.