The Loan Process

Not a fan of complicated loan processing? Neither are we.

Waterstone Mortgage strives to make the loan process as easy and comprehensive as possible, lending simplicity in today’s loan experience. Our loan process is designed to keep your loan application on schedule for a smooth closing, and smooth conclusion. As we hit the major milestones during the loan process, we’ll provide you with clear and timely communication on the status of your application.

We understand how important the home buying process is. At Waterstone Mortgage, we know the paramount care, concern and responsibility it takes going through the home application process. That’s why we don’t hesitate to go out of our way to make sure you’re not only on the same page, but one step ahead.

We’ve listed our complete step-by-step process below.

1). Your loan application is complete and all pre-qualification checklist items are collected

The first step in our home loan application process is completing the application and meeting our pre-qualifying requirements. When we collect everything from the prerequisite checklist, we move on to the next step in the home loan application process, which is to order your credit report.

2). Waterstone Mortgage orders your credit report and gathers any additional necessary documents

When you complete the home loan application and pre-qualify, you move to the second step which is to order your credit report. During the mortgage loan application process, we’ll check your FICO scores from each of the three national credit bureaus (Experian, Equifax, TransUnion). If there are any remaining necessary documents at this point, we’ll collect those too.

3). Waterstone Mortgage issues a pre-qualification letter and you begin your home search with a professional Realtor®

This is where the fun begins! After qualifying for the home loan, a Realtor® joins you as you begin your search for your new home. 

4). Your Realtor® presents an offer on your behalf for the home you have selected

After finding the perfect home, your Realtor® presents the offer on your behalf. Once the lender accepts the offer, the closing date is set and you move on to the next step.

5). Your loan originator meets with you and selects a loan program

After your offer gets accepted, your loan originator meets with you to discuss the home loan program. Your loan program depends on your financial status, goals and individual needs. Once your mortgage loan program is selected, we move on to the next step.

6). Waterstone Mortgage orders necessary documents

At this point, Waterstone Mortgage orders the appraisal, title report and any other necessary documents needed to complete the home loan application process.

7). Waterstone Mortgage submits a complete file

Once we get everything together, Waterstone Mortgage submits your complete file to the underwriter for the final loan approval. At this point, your new home is just around the corner!

8). Final approval is issued. Any final conditions are collected and satisfied

When your final approval is issued, we start closing up the deal and collecting any final conditions, satisfying all requirements. Now we’re even closer! 

9). The loan is clear to close

Now that your loan is clear to close, we send the closing documents to the title company. 

10). Waterstone Mortgage sends you a copy of the closing disclosure

After sending the closing documents to the title company, Waterstone Mortgage sends you a copy of the closing disclosure. The closing disclosure is for you to review in advance of officially closing on your new home.

11). Congratulations! You attend the scheduled closing and become the owner of your new home

You’re now the owner of your new home! To finish off the home loan application process, you simply attend the scheduled closing.

12). Waterstone Mortgage stays in touch and helps you with any future financing needs

We at Waterstone Mortgage want to keep in touch for any additional assistance you may need. We’ll stick around to help you with any future financing needs.

The process described above is intended as general guidance. All loans are subject to credit approval and loan program guidelines.

Waterstone Mortgage

We understand how important the home loan application process is. At Waterstone Mortgage, we want you to know that you’ve got us on your side every step of the way. For any additional questions or information on the home loan application process, contact us today.