Loan Process

Step 1: Prequalification

The first step in obtaining a loan is to determine how much money you can borrow.  In case of buying a home, you should determine how much home you can afford even before you begin looking. By answering a few simple questions, we will calculate your buying power, based on our guidelines.

Click here to Pre-Qualify.

Before the process even starts, and at no cost or obligation to you, we review your financial situation and the proposed options that best suits your needs. We let you know whether we have a loan option that makes sense and works for you, before you ever send us a single document AND, if we can't help you with a loan now, we'll show you how to meet your refinancing and financial goals so we can help you in the future.

From Application to Closing . . . Hassle-Free

How do we know you’ll have a “hassle-free experience?” We assign a dedicated processor and an experienced Mortgage Banker, to help guide you through the entire process from application to closing. Want hassle-free proof? See what our Clients say about Mortgage Moon by clicking Testimonials.

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Self-Employed Borrowers
At most banks, self-employed individuals often find that there are greater hurdles to borrowing for them than an employed person. At Mortgage Moon, we offer a bank statement program for up to $3 million with no tax returns required and credit scores down to 620. Click here and one of our experienced Mortgage Bankers will contact you.

Source of Down Payment
You may have to come up with sufficient cash for the down payment and other fees payable by the borrower at the time of funding the loan. Generally, down payment requirements are made with funds you have saved. If you do not have the required down payment you may receive “gift funds” from an acceptable donor with a signed letter stating that the gifted funds do not have to be paid back.

Step 2: Apply For A Loan

Click To Apply For A Loan

Once you have applied, please help us process your loan quickly and efficiently by returning the Items Needed to us by Fax or email.

Step 3: Begin Loan Processing

Once your loan application has been received we will start the loan approval process immediately.

Appraisal

If your loan requires an appraisal, your Mortgage Banker will contact you to help you arrange a date and time for it. The appraiser will come out to your home to assess the property then submit the report directly to us.

Title Report

If your loan requires a title report (all new home loans require one), we’ll order one for you. This report outlines any records tied to the property such as easements, liens or any other county records.

File Review and Verification

Your loan processor will verify all of the information you have given. If any discrepancies are found, either the processor or your loan officer will troubleshoot to straighten them out.

Step 4: Automated Underwriting

In general, approval is based on two factors: your ability and willingness to repay the loan, and the value of the property.

The Automated Underwriter looks at the information you provided. This information includes:

Income/Employment Check
Is your income sufficient to cover monthly payments?  Industry guidelines are used to evaluate your income and your debts.
 
Credit Check
What is your ability to repay debts when due?  Your credit report is reviewed to determine the type and terms of previous loans. Any lapses or delays in payment are considered and must be explained.
 
Asset Evaluation
Do you have the funds necessary to make the down payment and/or pay closing costs? 
 
Property Appraisal
Is there sufficient value in the property? The property is appraised to determine market value. Location and zoning play a part in the evaluation.
 
Other Documentation
In some cases, additional documentation might be required before making a final determination regarding your loan approval.

In order to improve your chances of getting a loan approval:

  1. Fill out your loan application completely. You may use our online forms to expedite the process.
  2. Respond promptly to any requests for additional documentation, especially if your rate is locked or if your loan is to close by a certain date.
  3. Do not move money into or from your bank accounts without a paper trail. If you are receiving money from friends, family or other relatives, please prepare a gift letter and contact us.
  4. Do not make any major purchases until your loan is closed.  Purchases cause your debts to increase and might have an adverse affect on your current application.
  5. Do not go out of town around your loan's closing date. If you plan to be out of town, you may want to sign a Power of Attorney.

Step 5: Close and Fund Your Loan

After your loan is approved, you are ready to sign the final loan documents. Your Mortgage Banker will coordinate a convenient time and place to close your loan. Mortgage Moon has closing agents ready to go where and when it’s convenient.

You must review the documents prior to signing and make sure that the interest rate and loan terms are what you were promised. Also, verify that the name and address on the loan documents are accurate. The signing normally takes place in front of a notary public.

There are also several fees associated with obtaining a mortgage and transferring property ownership which you will be expected to pay at closing. Bring a cashiers check for the down payment and closing costs if required. Personal checks are normally not accepted.

Your loan will normally close shortly after you have signed the loan documents. On owner occupied refinance loan transactions federal law requires that you have 3 days to review the documents before your loan transaction can close.

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Testimonials