Westbrook Homes is dedicated to helping you through
the entire home buying process. From selecting your
perfect home, choosing the plan and finishes and
finally through the purchase of that home. This page
is structured to providing the necessary financial
information you will need to know. You are welcome
to contact our offices or call our preferred lender
at anytime to answer any question you may have.
PO Box 1135 . Sumner, WA 98390
(253) 447-8581 . Fax. (253) 981-5488
General email: email@example.com
Get to Know the Loan Process
Pre-qualification occurs before the loan process actually begins, and is usually the first step after initial contact
is made. The lender gathers information about the income and debts of the borrower and makes a financial
determination about how much house the borrower may be able to afford. Different loan programs may lead to
different values, depending on whether you are qualified for them, so be sure to get a pre-qualification for each
type of program you are suited for.
The application is actually the beginning of the loan process and usually occurs between days one and five of
the loan. The buyer, now referred to as a "borrower", completes a mortgage application with the loan officer
and supplies all of the required documentation for processing. Various fees and down payments are discussed
at this time and the borrower will receive a Good Faith Estimate (GFE) and a Truth-In-Lending statement (TIL)
within three days that itemizes the rates and associated costs for obtaining the loan.
Processing occurs between days 5 and 20 of the loan. The "processor" reviews the credit reports and verifies
the borrower's debts and payment histories as the VODs and VOEs are returned. If there are unacceptable
late payments, collections for judgment, etc., a written explanation is required from the borrower.
The processor also reviews the appraisal and survey and checks for property issues that may require
further discernment. The processor's job is to put together an entire package that may be underwritten
by the lender.
Lender underwriting occurs between days 21 and 30 or sooner. The underwriter is responsible for determining
whether the combined package passed over by the processor is deemed as an acceptable loan. If more
information is needed, the loan is put into "suspense" and the borrower is contacted to supply more
Mortgage insurance underwriting occurs when the borrower has less than 20% of the loan amount to put
towards a down payment. At this time, the loan is submitted to a private mortgage guaranty insurer, who
provides extra insurance to the lender in case of default. As above, if more information is needed the loan
goes into suspense. Otherwise it is usually returned back to the mortgage company within 48 hours.
Pre-Closing occurs between days 25 and 30. During this time the title insurance is ordered, all approval
contingencies, if any, are met, and a closing time is scheduled for the loan.
Closing usually occurs between days 25 and 45 of the loan (depending upon the designated length of your
escrow). At the closing, the lender "funds" the loan with a cashier's check, draft or wire to the selling party
in exchange for the title to the property. This is the point at which the borrower finishes the loan process
and actually buys the house.
Plan Ahead by Knowing Your Mortgage Amount.
Do you want to see what your monthly payment might be? Enter some basic data in the form below and this
tool will approximate your payment. Do not include any punctuation marks (commas, dollar signs, etc.)
How many years do you want your loan to be for?
Interest rate do you wish to calculate (ie. 6.0%)?
How much do you plan to finance (after down payment)?
Your monthly payment would be:
Disclaimer: Our mortgage calculators are presented strictly for illustrative purposes. All results disclosed
by our calculators are estimates and Westbrook Homes assumes no liability or responsibility for computational
errors. Westbrook Homes makes no guarantee or representation that you will qualify for any particular loan,
loan amount or loan terms.