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If you were born before cell phones existed, you may remember Schoolhouse Rock’s hit “How a Bill Becomes a Law.” While we don’t have a cute animated mortgage dancing around, we’re hoping you can imagine one.
It all starts with an application. Believe it or not, we’ll spend the majority of the mortgage process (three of five steps) making your application the best it can be.
In the Apply phase, you’ve applied online and given us the highest-level look at what we can help you with and your financial picture. This allows us to start asking more detailed questions and narrowing in on a plan made just for you.
Once we’ve agreed on a general plan, your application moves onto the Review phase. Here, we’ll gather specific documents based on information already in your application. If you told us you’re self-employed, for example, we’ll have different document requests than if you have W-2 income. All of that then gets added to your application.
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Before moving on, we’ll get a general thumbs up from you that everything looks good. Then, your application will move to the Setup phase. This when we make sure we have everything we need for review. Yes, we may ask for a few more documents here, and that’s completely normal.
That brings us to Verify and Close, the last two phases. Much like when a bill becomes a law, this is the point where your finely tuned application, with all the documents and information, becomes a loan. We’ll get into those steps later, but for now, you get the idea just how important your application is.
All loans are subject to underwriting or investor approval. Some restrictions may apply. This is not an offer of credit or a commitment to lend. Guidelines and products subject to change. Rates and terms may vary depending upon risk analysis, collateral, and other factors. Call 844-645-6937 for details and qualifying information.
© 2024 Lower, LLC | NMLS#1124061 | www.nmlsconsumeraccess.com | 2021 Lower Holding Co. Lower is a family of Companies. Conducts business as Lower.com, LLC in 38 States. Arizona, Arkansas, California, Connecticut, Delaware, District of Columbia, Florida, Idaho, Iowa, Kansas, Kentucky, Louisiana, Maine, Massachusetts. Minnesota, Mississippi, Missouri, Montana (Lowerdotcom, LLC), Nebraska, New Hampshire, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma (Lower Mortgage, LLC), Oregon, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, West Virginia, Wisconsin, and Wyoming.
