When it comes to the loan application process, there are a few key components to understand. First and foremost, you’ll need to submit an application including credit information and financial history. You’ll also be required to provide documentation relating to your employment, income, existing debts, and assets. We’ll use this information to determine whether you’re an eligible borrower and the type of loan product that is best for your situation.
You can establish an initial contact with us either directly or by visiting our website. This step can take anywhere from five minutes to an hour. During this time, we’ll discuss your loan goals and objectives and answer any questions you may have. We’ll also provide a clear explanation of the loan process and discuss our available loan products.
Once we’ve discussed your loan objectives, you’ll be ready to proceed with the prequalification process. This important step helps us determine what type of loan product best fits your current financial situation.
Once you’re prequalified for a loan, you can start your countryside estate loan/mortgage application. This step will require providing additional information about your finances, including your income, debts, and assets. Post-completion, we’ll review your application to determine if you meet all of our requirements for a loan.
Once we have gone through and reviewed your application, we may issue a conditional approval. This type of approval is just a step short of final approval, as it states what needs to be completed to receive final approval. We’ll provide you with a personalized list of conditions that need to be met in order for your loan to close.
An appraisal is a part of the mortgage process and is necessary for underwriting. We’ll order your appraisal once we receive the appraisal payment from you. Our appraiser will reach out to the property contact, and you’ll be provided with a copy of the appraisal upon completion.
To support what was stated on your loan application, certain financial documents will be required. At United Farm Mortgage, we understand how cumbersome the document retrieval process can be. Our experts will help you work through the process, informing you of any needed information.
We’ll issue a final commitment once all conditions have been fulfilled, meaning no other items are needed as long as closing takes place within the specified time period. At this point, we’ll reach out to you to let you know the next step is likely setting a closing date with the attorney.
Attorney Title Work
The attorney will conduct title work to ensure the property’s title is clear and all paperwork is accurate. Our attorneys are incredibly thorough, checking for any liens or encumbrances that may affect the title. We can confidently say that our attorneys are experienced and skilled in this area, ensuring a smooth closing process.
The closing date is the official end of the loan process. We’ll be there on the closing day to ensure all documents are properly explained and signed. United Farm Mortgage will always have a local representative present to help with any questions you may have. Once all documents are signed, the loan process is complete, and your loan is officially approved!