The Loan Process

The Initial Steps of the Loan Process

Select your home and complete Purchase contract with Builder or Seller. Your realtor will assist you in this process.

Troy Bird will schedule the loan application interview and explain the associated credit, appraisal and lock-in programs.

Application and interview are completed. Troy Bird will answer any questions you might have.

A list will be provided of additional documentation / information needed to process you loan application.

Troy will prepare the file and turn it over to the Loan Processor for "Set-Up".

The Loan Application Set-Up.

The Loan Processor will set up your file and order the items below:

• Current and Previous Employment Verifications will be mailed covering a minimum of 2 years.

• Verify Bank, Stock and Asset Balances

• Loan Verification

• Credit Report will be ordered. (The credit reporting agency will call you within a few days of the application date to confirm the information contained in the loan application).

• Appraisal. As soon as you and/or the realtors have provided all the necessary information. The Comstock Loan Processor will also check to see that the Title Policy has been ordered.

File "In Process" Stage

While your file is being processed by the Comstock Mortgage Loan Processor, you should begin checking on Homeowner's Insurance (Fire, Flood, and Extended Coverage) if applicable.

You may use any insurance company whose financial rating is acceptable to Comstock Mortgage.

The Comstock Mortgage Loan Processor will follow up weekly on any information/documentation which has not been received.

If your loan is a refinance, we recommend you notify your existing lender in writing of your intent to pay off their loan within 30 days of the projected closing date.

As the verifications and credit report are received, it may be necessary for the Comstock Mortgage Loan Processor to contact you for clarification of certain information or request additional documentation.

Do not be surprised if it may also be necessary for Comstock Mortgage to request written letters of explanation regarding certain items.

Our job is to do everything we can to get your loan approved as fast and efficiently as possible. We will need your full cooperation.

Preparing Your Loan File for Submission

Once all of your credit information and the appraisal are received by Comstock Mortgage, the Loan Processor will prepare a final application. The processor will then contact you to schedule a time for signing the final application.

Once the final application is completed and signed by you, the Comstock Mortgage Loan Processor will submit your loan application to their Underwriter and the private mortgage insurance company (if applicable) for review.

When the file is submitted, the Comstock Mortgage Loan Processor will check to see that the Termite Report and other items are in, and if not, follow-up on those items.

After Your File has Been Reviewed

After your file has been reviewed, Troy Bird will contact you. Certain conditions may be required for closing, as indicated by FHA, VA, the private investor, or the Comstock Mortgage Underwriter, and the private mortgage insurance company (if applicable). Home Owner's insurance is required for your loan closing and it is your responsibility to contact an insurance representative.

The Loan Closing

When your loan application has been approved, the closing date and the time will be coordinated between you, your realtor, the seller and the title company. At the time of closing date confirmation, any conditions for closing will once again be reviewed with you.

The title company will advise you of the dollar amount necessary to bring to your closing

Any funds payable at closing must be certified (in the form of a certified check).

After signing the loan documents at the title company, Comstock Mortgage will review and, if complete, "Fund" your loan.

The title company then records your loan with the county recorders office.

IT IS A PLEASURE TO BE OF SERVICE TO YOU!