At DMV Residential Financing, we’ve designed a mortgage process that saves you time, money, and stress. With clear steps, expert guidance, and quick turnarounds, we ensure every stage is seamless and borrower-friendly. From application to closing, your journey is smooth, efficient, and hassle-free!
Loan Application
First of all, we are starting the process of creating the borrower’s profile in the portal, where we need a few basic documents like ID proof, basic income documents, and some residential as well as employment histories.
Pre-qualification Processing
Here, we are going to review your profile and check your credit score via the soft pull method. And don’t worry it will not reflect on your credit report and not even affect your score.
Pre-approval
As per the guidelines, we will match your profile to see the eligibility under different loan programs, and after finalizing the loan program, our experts are going to call the borrower to explain them the eligibility, loan programs, and estimated numbers, and with that, we will provide a pre-approval letter to you. Also, our experts give specialized advice to the borrower on the precautions to be taken before starting the mortgage process, like how to maintain funds and how to maintain existing as well as new debts, etc. Now it’s your turn to find out the property and get the contract signed.
Conditional Approval : (3 Days)
Once the borrower signs the contract, our disclosure team will work to submit your application to the best lender in the market. Meanwhile, to complete your application according to the requirements of the loan program, they may ask you to provide the further documents required at the time of submission. Once the application is submitted, you’ll get the initial disclosures for the eSign, and once it’s done, you will get the conditional approval.
Ordering third party documents : (2 Days)
After the conditional approval, now it’s time to order the third-party documents like the Appraisal package, Title package & Homeowner Insurance, etc. Our Processor will instantly order all the required documents from the respective organization.
Underwriting : (6 Days)
It’s pretty normal to get a few conditions from the underwriter with the approval of the loan. However, our processor will classify the conditions and work on behalf of the borrower to clear all the conditions as soon as possible. Just follow the instructions and requirements from them, and they will clear all the conditions, and you’ll get Clear to Close.
Closing : (2 Days)
To get the closing of your loan on time, our processor will work with the lender as well as the title company to balance the numbers, update you with the final closing disclosures, and make sure you’ll get the closing on the same day when you have decided.
Loan Application
First of all, we are starting the process of creating the borrower’s profile in the portal, where we need a few basic documents like ID proof, basic income documents, and some residential as well as employment histories.
Pre-qualification Processing
Here, we are going to review your profile and check your credit score via the soft pull method. And don’t worry it will not reflect on your credit report and not even affect your score.
.
Pre-approval
As per the guidelines, we will match your profile to see the eligibility under different loan programs, and after finalizing the loan program, our experts are going to call the borrower to explain them the eligibility, loan programs, and estimated numbers, and with that, we will provide a pre-approval letter to you. Also, our experts give specialized advice to the borrower on the precautions to be taken before starting the mortgage process, like how to maintain funds and how to maintain existing as well as new debts, etc. Now it’s your turn to find out the property and get the contract signed.
.
Conditional Approval : (3 Days)
Once the borrower signs the contract, our disclosure team will work to submit your application to the best lender in the market. Meanwhile, to complete your application according to the requirements of the loan program, they may ask you to provide the further documents required at the time of submission. Once the application is submitted, you’ll get the initial disclosures for the eSign, and once it’s done, you will get the conditional approval.
Ordering third party documents : (2 Days)
After the conditional approval, now it’s time to order the third-party documents like the Appraisal package, Title package & Homeowner Insurance, etc. Our Processor will instantly order all the required documents from the respective organization.
Underwriting : (6 Days)
It’s pretty normal to get a few conditions from the underwriter with the approval of the loan. However, our processor will classify the conditions and work on behalf of the borrower to clear all the conditions as soon as possible. Just follow the instructions and requirements from them, and they will clear all the conditions, and you’ll get Clear to Close.
Closing : (2 Days)
To get the closing of your loan on time, our processor will work with the lender as well as the title company to balance the numbers, update you with the final closing disclosures, and make sure you’ll get the closing on the same day when you have decided.