Our Mortgage Process

Mortgage Process Overview 

The mortgage loan process describes all of the steps involved with applying for and qualifying for a home loan. This includes the application, underwriting, and release of your funds—and all the steps in between. 

While that may seem like a lot, it’s no problem when you have a knowledgeable loan specialist helping you every step of the way, which is what you can expect when you apply with Griffin Funding. 

If you are feeling a little overwhelmed about how to get a loan, we would love to walk you through our streamlined 10-step process. We can work with you to identify the right type of financing for your needs and help you navigate the mortgage application process. 

See how we’ve helped past clients streamline the mortgage loan process by taking a look at our five-star reviews and customer testimonials.

Our 10-Step Mortgage Process

Here are the steps you’ll take when getting a mortgage with Griffin Funding:

1. Discovery Meeting

In our initial in-person, virtual, or phone meeting with you, a Griffin Funding mortgage strategist will do some fact-finding in order to discover what loan options are best for you and your unique situation.

We will assess what you are eligible for and search the market to find the best rate based on several factors like: 

• Your monthly income
• Your credit score (based on a soft-pull credit report that won’t impact your credit score)
• What you are willing to pay in a down payment

During this discovery meeting, you’ll receive: 

• A quote based on your profile 
• A detailed comparison of available loan programs: 
  • VA loans
  • Conventional mortgages
  • Bank statement loans
  • DSCR loans
  • Jumbo loans
  • USDA loans
  • FHA loans
  • Non-QM loans
• And more

If you are applying for a non-QM loan, the Loan Officer will run your scenario through our Loan Intelligence Assistant (LIA), which is our proprietary AI non-QM Automated Underwriting System (AUS). 

LIA will help determine the best non-QM program for you based on your unique situation, selecting a product based on the underwriting guidelines of the program that you’ll most likely qualify for with the lowest rate option. LIA adds speed to the process and increases the likelihood of your loan getting approved and funded.

If you’d rather start on your own, you can begin the process online right away!

2. Loan Application

Choose how you want to apply: 

• Over the phone with a specialist: We generally complete the mortgage application process over the phone with you to ensure accuracy and help you compare financing options. 
• Online: Use our secure digital mortgage platform to begin your application and complete it at your own pace. 

3. Lock in Your Rate

With your authorization, we will lock in your interest rate over the phone based on the exact terms that are agreed upon. Griffin Funding will strive to get you the lowest rate possible.

4. Application & Disclosures

Receive your initial loan documents via: 

• Electronic signature (most common)
• Secure email PDF
• Overnight delivery 

5. Supporting Documentation

We will send you a checklist of documentation we will need you to scan, fax, submit and sync data through our digital mortgage platform, or overnight to us. The quicker you have this information ready, the faster we can process the loan and get you into your dream home.

Supporting documentation may include things like:

• ID and Social Security number
• Tax returns 
• Pay stubs or proof of income 
• Bank statements 
• Proof of reserves or assets 

We are able to sync with your bank account via Plaid so you don’t have to download PDFs from your bank and then upload them. Effortlessly sync your bank account and we will do all of the work for you. This is especially useful with bank statement loans where you have to show 12 to 24 months of deposit statements.

6. Loan Processing & Underwriting 

Our team of Processors and Loan Processing Assistants set up your file with all the appropriate paperwork to be submitted to underwriting. The mortgage underwriting process generally entails verifying your information and checking for potential issues with your application and eligibility. We may also need to dig deeper for explanations behind late payments, collections, or judgments in your history. 

Underwriting is focused on the “three C’s”:

• Capacity – Do you have the ability to pay your loan?
• Credit – Does your credit history show that you pay on time?
• Collateral – Are your purchase price and home value aligned?

7. Appraisal & Pest Inspection (If Applicable)

Unless you receive an appraisal waiver, we will order the appraisal and will contact you for the best time to appraise your current or potential home. This is an independent estimation of the value of what your new home should be. We do this to make sure that you are paying what the home’s worth, not grossly over the actual value.

You will be responsible for ordering your pest inspection with a local termite company (if applicable). If you need help finding a reputable company, one of our loan specialists would be happy to assist you.

8. Loan Approval

Once we obtain loan approval on your file we will reach out with any further items that are needed to order your final loan documents.

9. Final Loan Document Signing

Before you meet with the mobile notary to sign the final loan documents, you will review your TRID closing disclosure (CD)/settlement statement with your Loan Specialist. This is different from the Loan Estimate (LE), which gives the expected costs. The closing disclosure will be a final confirmation of the numbers, so please ensure all of the numbers are correct. 

If you are obtaining a business-purpose loan on an investment property (such as a DSCR loan), they do not fall under TRID rules and therefore you may not receive an LE or CD, but rather a term sheet. If a term sheet is used, we will ensure that all fees and terms are properly disclosed and fully transparent. 

The notary will call you to schedule a time for the signing. Our team will be available during that time for any questions you may have.

10. Loan Funding Recording

After you sign your loan or documents, you will receive your funding. Please note the following when it comes to the release of funds:

• Refinances: For refinances, there is a 3-day waiting period unless the property is an investment property.
• Cash-Out Refinances: For a cash-out refinance, escrow will wire the funds to you as soon as the County confirms recording.
• Purchase Loans: For purchase loans, there is no 3-day waiting period.

How Long Does the Mortgage Process Take?

At Griffin Funding, we aim to complete your home loan process within 30 days or less. Generally, most loans take from two weeks to a month and a half, but the mortgage approval process timeline can vary based on factors such as:

• Loan type 
• Document preparedness
• Appraisal scheduling
• Communication speed

By preparing all of your relevant paperwork and documents beforehand and effectively communicating with your lender, you can help expedite the mortgage approval process. 

How Does Griffin Funding Streamline the Mortgage Process?

Over the years, we have worked internally to make our process as smooth as possible for borrowers. We offer:

• Fast loan approvals 
• The latest technology (including an AI-based underwriting platform)
• White-glove customer service
• Knowledgeable mortgage specialists 
• Competitive mortgage rates 
• A variety of loan options 
• Nationwide availability for most loan types 

Apply for a Loan with Griffin Funding Today

If you feel like you are ready to take the next step and apply for a loan, get started online. If you have more questions about our mortgage process or want to have a specialist help you with your application, contact us at (855) 394-8288 or (855) 651-2871.