What Is the Mortgage Process?

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 not so bad 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. 

Below are the basic steps that make up the mortgage loan process.

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
  • What you are willing to pay in a down payment

Your loan specialist will then relay this information to you. By finding the best home loan program for you and your budget, we can help set you up for the best circumstances as a future homeowner. If you decide to move forward with our recommendation, we will provide you with a quote right over the phone!

We will also provide a detailed analysis comparing the various mortgage options we provide such as: 

Having a wide variety of mortgage options provides more flexibility to our borrowers, allowing you to find a loan solution that best suits your needs. By working with a member of our team, we can help you weigh the pros and cons of each loan type and identify the best financing options for your needs and goals.

If you’d rather start on your own, you can apply online within just a few minutes.

Loan Application

We generally complete the mortgage application process over the phone with you to ensure accuracy or online through our secure digital mortgage platform. Some additional documentation will be required like a purchase agreement, which is a legally binding document that governs the sale of the property, and proof of your earnest money deposit.

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.

Application & Disclosures

Once your rate is locked in, we will securely send you the initial application and disclosures via electronic signature, via email in a secure PDF, through our digital mortgage platform, or through overnight delivery. Just let us know which method you prefer.

Supporting Documentation

We will send you a checklist of documentation we will need you to scan, fax, submit 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.

Mortgage Loan Process

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?

Appraisal & Pest Inspection

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. Having inspections done is a security measure that can ensure the house is in livable condition and doesn’t have major issues—and if there are, ensure that there is a plan to have them addressed. A proper inspection can be the difference in thousands of dollars in repair work.

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.

Final Loan Document Signing

Before you meet with the mobile notary to sign the final loan documents, you will review your TRID closing disclosure/settlement statement with your Loan Specialist. This is different from the Loan Estimate, 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.

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.

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:

  • For refinances, there is a 3-day waiting period
  • For a cash-out refinance, escrow will wire the funds to you as soon as the County confirms recording.
  • 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 the type of financing you’re using and the loan amount you’re applying for. 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. This includes using the latest technology, having a customer-focused team that is knowledgeable about the real estate market and the various types of loans we offer, and implementing clear steps to ensure that things move along as quickly as possible.

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 by completing our online application. 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.

Griffin Funding is proud to provide five-star, white-glove service to each and every customer. Below are the steps you can expect to go through when applying for a loan with us. 

Our Process

Discovery Meeting

In our initial 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 your credit score and other determining factors. Your loan specialist will then relay this information to you. If it is conducive to move forward, we will provide you with a quote right over the phone!

We will also provide a detailed analysis comparing your mortgage options so you can decide which loan is best for you.

You can also apply online without even having to speak to anyone.

Loan Application

We complete your loan application over the phone with you to ensure accuracy or online through our secure digital mortgage platform.

Lock In Your Rate

With your authorization, we will lock in your rate over the phone based on the exact terms that are agreed upon.

Application & Disclosures

Once your rate is locked in, we will send you the initial application and disclosures via electronic signatures, via email in a secure PDF, through our digital mortgage platform, or through overnight deliverywhichever you prefer.

Supporting Documentation

We will send you a checklist of documentation we will need you to scan, fax, upload/submit through our digital mortgage platform, or overnight to us.

Loan Process

Our team of Account Managers and Processors set up your file with all the appropriate paperwork to be submitted to underwriting.

Appraisal & Pest Inspection

We will order the appraisal and will contact you for the best time to appraise your current or potential home.

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.

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.

Final Loan Document Signing

Before you meet with the mobile notary to sign the final loan documents, you will review your TRID Closing Disclosure/settlement statement with your Loan Specialist to ensure all of the numbers are correct.

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.

Loan Funding / Recording

After you sign your refinance documents, you will have a 3-day waiting period before your loan is funded. If you choose to pull cash-out, escrow will wire your funds to you the same day (purchase loans have no 3-day waiting period).

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Navigate the Home Loan Process With Griffin Funding

At Griffin Funding, we’re able to help all types of clients through the mortgage process, from first-time home buyers to current property owners to real estate investors. We also offer a wide range of home financing products at competitive rates. Whether you’re in search of a traditional mortgage or a non-conforming loan, we’re here to help. 

Work with our team to find the right mortgage for your needs, lock in a rate, and close on your dream home. Reach out to Griffin Funding today to discuss home financing options or fill out an online application to get started. 

Frequently Asked Questions

What is the longest stage of the mortgage process?

The longest part of the mortgage process will vary depending on the loan you apply for and your unique circumstances. For example, the time it takes to get your home appraised can vary depending on the current availability of qualified appraisers. The underwriting process can also be delayed if the lender is missing key information or if inconsistencies and other complexities arise. 

How can I shorten the mortgage loan process?

Some of the best ways to shorten the mortgage process include:

  • Prepare your documentation: Before filling out an application, make sure to gather documents you’ll need such as your ID, Social Security number, pay stubs, bank statements, proof of assets, tax documents, and other relevant information.  
  • Get pre-approved: Getting pre-approved before you house hunt can help you find a home within your budget and streamline the final mortgage approval process. 
  • Communicate with your lender: Make sure to quickly respond to your lender when they reach out with requests for additional information or documentation. In some cases, the mortgage process won’t be able to move forward until you provide your lender with this information. 

How do I know if my mortgage application will be approved? 

In the initial stages of the mortgage process, a Griffin Funding representative will walk you through the different types of home loans and identify the best financing options for you. After collecting some basic information about your income, financial history, and down payment capacity, we can help guide you towards the home loans you can qualify for. 

Different home loans have different qualification requirements. That’s why we recommend that you carefully review the qualification requirements for a specific loan type before applying. If you find that you don’t qualify for one loan, our team can work with you to recommend alternative financing options.