Loan Process

Sunmark offers you options to help you navigate the loan process on terms that fit your lifestyle. Whether you already have a contract or need a pre-approval so you can begin shopping for your new home, whether you'd like to drive the process quickly or to close in a few months, our goal is to meet your needs To help take the mystery out of the mortgage loan process, here is a step-by-step guide:

Loan Interview (optional)
It's up to you! You can choose to meet with a mortgage couselor to discuss the best financing optins for you and to answer any questions you might have about your application. The more information you can provide at this stage, such as financial statements, pay stubs and tax returns, the more effectively we can advise you. Or, if you're confident about your mortgage needs, you may choose to proceed to the next step.

Contact us to speak with one of our knowledgeable mortgage counselors or to set up an in person interview.

Complete a Mortgage Loan Application
Choose to complete an online mortgage application or contact us and we'll either schedule a time to take you application or mail you a mortgage packet.

Credit Report
We order a report on your current credit status and past credit history, including monthly payments, current balances and payment history.

Verification
We verify the information stated on your loan application, including employment, deposit account, assets and liabilities. We'll provide you with a detailed checklist of the documents we need in order to underwrite your loan.

Appraisal
We arrange an appraisal by a licensed real estate appraiser on the property being purchased or refinanced. The appraisal determines the value of the property under consideration.

Title Search
For your protection, we conduct a title search on the property that you are buying to identify all liens and encumbrances which need to be paid off at closing (such as back taxes). To further protect your interest in the property after closing, you may opt to purchase Title Insurance from our title company at the time of closing. This title insurance protects you, the buyer, from any issues after the sale, such as missed liens on the initial title search.

Underwriting
After all the information on your application is provided and verified, it moves to underwriting for review. An underwriter looks at four major factors when considering an application: employment/income, assets, credit history and the value of the home. If the underwriter cannot make a decision based on this information, you may be asked to provide additional information or documentation.

Closing
This is the final step in the loan application process, at which time all relevant documents are signed and various settlement costs paid. At the end of this process, your loan becomes a "mortgage" and you become a proud homeowner!

Loan Servicing
Whether you choose automatic payments or pay by coupons, we've teamed up with loan servicing agencies who are as committed to you as Sunmark is! If you have questions about your existing mortgage such as payment or escrow issues, please refer to the mortgage contact list to quickly find the appropriate loan servicer. Or, if you're unsure, contact us and we'll be happy to help!