The Loan Process Made Easy

Buying (or refinancing) a home can be a stressful process, but it doesn’t need to be when handled properly. As mortgage professionals, you trust us to guide you step by step, to be sure that no rock is left unturned, to ensure a smooth, stress-free and on time closing. It is mandatory that we handle your loan with the utmost care and attention to detail. After all, for most of us, being a homeowner is the single largest investment that we will ever make.

For that reason, we think it is invaluable to share our process, in detail, from beginning to end so that you, our valued guest can become intimately familiar with what a successful transaction looks like from A to Z.

Application

  • Loan application is taken by phone, in person, or by applying securely online at www.reducedfeemortgage.com
  • After the application is completed you will automatically receive an email and a text message with the documents needed to finalize the purchase pre-approval (or refinance qualification) process.
  • Your loan application will be processed within 24 hours, at which time we will call you to review any questions we may have in regard to your loan application, as well as discuss your specific goals and what will be the best home loan to meet those goals and save you the most money.

Pre-Approval

  • Once those documents are received, we are able to grant an official pre-approval letter and let you know your maximum approval amount that you are able to utilize when searching for your new home.
  • We will also review in detail the terms of your new loan so that you have a thorough understanding of the critical items such as, interest rate, monthly payment, and any loan costs associated.
  • At this time you and your realtor will begin looking to find the perfect home! If you don’t have a realtor that you are working with, we will gladly refer you to one of our trusted professional partners who specializes in the area you are searching in for your new home.
  • Once you find the perfect home for you and your family, your realtor will work with you to draft the right offer. This will take into consideration details such as purchase price, seller paid closing costs that may be needed, and earnest money that you may give the seller to help get your offer accepted.

Submission

  • Once your offer is accepted, the sellers and their realtor will sign off on your offer and the final purchase agreement will be sent to us, the lender.
  • Once we receive the final accepted purchase agreement, we will send out your initial disclosures to you for electronic signature (no giant stacks of paper!). We will also send a brief list of any additional items that may be needed to underwrite your loan such as, updated bank statements, updated paystubs, and so on.
  • We will also contact you at this point to have a brief conversation about which title company you wish to use, and which company you prefer to use for homeowner’s insurance. We also have some great companies we can recommend to you if you don’t have anyone specific that you prefer to use.
  • Once all final items are collected, we will order your title and home appraisal, then submit your loan to processing.
  • Processing will order all verifications needed such as, verification of employment, verification of mortgage or rent if needed, and tax return verification, then move your loan over to underwriting

Approval

  • Underwriting will send the conditional approval back within 24-48 hours typically. At this point we will contact you if any additional documentation is needed to finalize your loan. The faster you are able to get these back to us, the better (so we can keep your closing moving forward).
  • Once we receive the final items needed from you (if any), we will submit the loan to be cleared to close, again within 24-48 hours

Closing

  • After we receive the CTC (clear to close), the loan will move to the closing department to work on getting your documents sent over to the title company to complete your closing!
  • Closing day has arrived and it’s time to get the keys to your new home! Congratulations and thank you for trusting in taking care of you during one of the most important transactions of your life!

Our goal is to always receive your clear to close with plenty of time prior to your closing date to ensure a no-stress process. You can help greatly to us accomplish this for you by sending back any documents we request from you within 24 hours whenever possible. We will also be as resourceful with communication as possible. We know you have a busy schedule, so we will use a combination of text, e-mail, and phone to communicate as efficiently as possible so that you never miss a beat in case you happen to be busy when we reach out to you. We ask that you do the same in return so that we can respond quickly and answer your questions as efficiently as possible, even if we happen to be on a call or in an appointment.

From the bottom of our hearts, we thank you sincerely for entrusting us to show you how smoothly a loan closing is supposed to be. We are absolutely honored to be your mortgage partner in your home buying and refinancing process.

Reduced Fee Mortgage, Inc.
NMLS 1974130
19950 Dodd Blvd, Suite 102, Lakeville, MN 55044 |  (651) 994-9494

Currently licensed in Minnesota (License/Registration#: MN-MO-1974130), Colorado, Michigan (License/Registration#: FL0022860), Washington (License/Registration#: MB-1974130), Florida (License/Registration#: MBR4157), and Wisconsin (License/Registration #: 1974130BR)
NMLS® Consumer Access

Best Mortgage Brokers in Saint Paul
Equal Opportunity Housing
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