Syllabus is the University term for “summary” and that’s what happens in this initial phase.

WHAT HAPPENS:

You’ll begin your education by receiving a complete outline of what’s to come. Together we’ll establish your specific goals and mortgage needs.

At this point, we also ask lots of questions so we can complete your preliminary application. Questions about your income, credit history, assets and employment.

We’ll inform you of the details of the process, provide you with a good faith estimate of costs and expenses, and tell you how long it’s going to take. We’ll also outline the part you’ll be taking in the mortgage process.

And, we’ll spend ample time to make sure you feel comfortable with everything.

WHAT YOU GET:

In addition to a great education in the overall mortgage process, you’ll receive your good faith estimate, viable mortgage options, and be pre-qualified. We’ll schedule a follow-up meeting with you to answer all your questions.

YOUR ADVANTAGES:

You’ll find the process to be transparent and manageable. The information we provide will lead you to the best-informed mortgage decision, with the end result clearly apparent.

WHAT HAPPENS:

All the questions you have about the initial phase will be answered during our follow-up call.

We’ll also explain the application process, educate you about rate lock strategies and discuss fees and rates.

WHAT YOU GET:

You’ll establish a rate lock strategy, a timeline and have all your questions thoroughly answered.

And you’ll receive an outline of the “Next Steps.”

YOUR ADVANTAGES:

Your rate lock education, further understanding of the process and established timeline will make the “Next Steps” both organized and manageable.

With all your questions answered, you’re well prepared for the process that follows.

WHAT HAPPENS:

This is when you meet the entire University Mortgage team who will be working with you.

We’ll contact your real estate agent and attorney to inform them of our progress and make them aware of all the details. We’ll also share contact information with everyone to keep the lines of communication open and flowing.

We’ll work with you to compile all the information to complete the mortgage application.

After reviewing the application, the mortgage underwriter will send it to you, along with other disclosure forms and a required document checklist. Together we’ll review all these papers, you’ll sign them, and we’ll return them to the underwriter.

Once the underwriter receives these signed documents, the loan will be registered and an appraisal of your property will be ordered.

WHAT YOU GET:

At this stage your mortgage application will be completed, registered and underwritten, and your property will be appraised.

YOUR ADVANTAGES:

Our in-house application, underwriting and processing makes the process highly efficient and trouble-free.

Since our processing is paperless, efficiency and accuracy are improved and your time-to-closing is minimized.

We coordinate and facilitate the entire process, keeping you, your real estate agent and attorney up-to-date and informed.

We guide you through the process, making you the center of attention without becoming the center of activity.

WHAT HAPPENS:

We’ll notify you of your mortgage approval and final commitment. We’ll also inform your real estate agent and lawyer of the good news.

Now that you’ve received your commitment you’ll apply for homeowner’s insurance. In addition, you’ll need to secure clear title to your property so a title search will be carried out.

If there are any additional documents required to satisfy the conditions of your loan, this is when you‘ll provide them.

Finally, the closing date is scheduled between you, your real estate agent and attorney.

WHAT YOU GET:

At the end of this phase, you will have an unconditional mortgage commitment and your closing date will be scheduled.

YOUR ADVANTAGES:

The open lines of communications among all parties will get you to your closing date with the least amount of stress and concern.

Our hands-on approach and support ensure that any issues that come up will be resolved quickly.

WHAT HAPPENS:

Everyone confirms the closing date; closing documents are ordered by the lender and sent to your attorney for final review.

The Housing and Urban Development documents are completed, submitted and approved.

We work closely with your attorney to ensure an accurate settlement statement.

Finally, on the closing date, you’ll sign all of the closing documents and wire transfers of purchase funds are made.

WHAT YOU GET:

This is the exciting moment when you receive the keys to your new home.

And, in a few days, you’ll receive a letter from all of us at University Mortgage congratulating you and thanking you for choosing us to help make your dream of homeownership come true.

YOUR ADVANTAGES:

Our open communications with everyone avoids potential delays of your closing date.

We take a “hands-on” liaison role among you, your agent and your attorney to ensure accuracy at closing.

WHAT HAPPENS:

Having successfully completed your loan process with University Mortgage, we’ll present you with your Mortgage Cum Laude^SM “diploma” and welcome you to our “Alumni Association.”

And, to ensure that we maintain our Higher Degree of Service, we’ll be sending quality satisfaction surveys to you, your real estate agent and your attorney for your thoughts and comments.

Ready to get started? Begin the application process or talk to us about how we can minimize your home buying stress.