The Loan Process

Prequalification

Prequalification occurs before the loan process actually begins. The lender gathers information about your income and debts, and makes a financial determination about how much house you may be able to afford.

It's a good idea to know how expensive a home you can afford before you start shopping for one! If you are refinancing the loan on your existing home, then the prequalification process should help you decide whether refinancing is a good idea for you.

Application

The application is the beginning of the loan process and either occurs after you have found a property you want to buy or have determined that you wish to refinance the loan on your existing home. You complete a mortgage application for a particular loan program and, supply all of the required documentation for processing. Various fees and down payment options are discussed at this time. The loan officer will deliver a Good Faith Estimate (GFE) and a Truth-In-Lending Disclosure (TIL) within three days that itemize the rates and estimated costs for obtaining the loan.

Processing of your Estimated Loan

The lender will typically submit the application package to an automated underwriting system that will provide the lender with the necessary documentation needed for loan approval. In some cases, the lender may also manually underwrite an application package.

The lender's processor reviews the credit reports and documentation to verify your employment, debts, and payment histories. If there are unacceptable late payments, collections, judgments, etc., the processor requests a written explanation from you. The processor also reviews the appraisal and survey and checks for property issues that may affect final loan approval. The processor's job is to put together an entire application package for the lender's underwriter.

Underwriting

The lender's underwriter is responsible for determining whether the application package prepared by the processor meets all the lender's criteria. If more information is needed, the loan is put into "suspense" and you will be contacted to supply more documentation.

If the underwriter approves the loan, the lender issues a conditional commitment to lend, orders title insurance, works with you to clear all conditions to its commitment to lend, and then schedules a closing time. Conditions to the lender's commitment may include issues with credit, income, or the property that may arise during the processing and underwriting process.

Closing

The closing will occur after all conditions are cleared and the lender issues a full loan approval. At the closing, the lender "funds" the loan with a cashier's check, draft or wire to the closing agent, who disburses funds, in exchange for the title transfer to the property. This is the point at which you finish the loan process and actually refinance or buy the house, subject to the lender's loan. Closings occur at different places in different states. For instance, some states require that the closing take place at a closing attorney's office, while others use a title or escrow company. You may also be able to close at your home.

 
 
 

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Testimonials

What People Are Saying
Kim treated me like family answered all of my questions. She helped me through the loan process and more. I can't thank her enough. Thank you Kim Lawson Sandy S.
 Kim was awesome! She answered all of my questions in a way I could understand, never made me feel like I was a bother and worked around my crazy schedule. This was my first home purchase and she made a very stressful process a lot easier to deal with. Jacob C.
Kim is the best. She worked hard for us. Answered everything and did great. She was always on the spot and or called back asap. Yes, I would recommend her to friends and family members. Brandon D
Kimberly Lawson was informative and helpful. I would highly recommend her services. I can't than her enough for being patient with us and so kind. She made our dream come true! The whole applying for a mortgage process is stressful and to be honest a little scary. Many people have no idea where to even start, like myself. I'm glad she responded to a question I had on Zillow. She has made this process stress free and easy! I highly recommend if you're shopping around for a lender or just have questions you get in touch with Kim Lawson. Necole R
Kimberly Lawson is the absolute best at what she does. My fiance and I were about to give up looking for a home and keep renting an apartment. July of 2014 we found her on a home selling website. Someone like me had left a huge review about how they had almost given up and she had gotten them a home loan so we called her up. September 26 last year she finalized our loan. We had went through every lender around with all the hoops in between, with Kim she simplifies everything and as long as you can hold up your end of the bargain you will not be disappointed! Thanks again Kim keep up the great work! P.S. we love the house!!! Tommy V
We are extremely satisfied with our experience. Our loan officer, Kimberly Lawson, was outstanding. She was on top of everything and worked really hard to make sure we were informed at each step of the process. She is so client focused and she really knows what’s she’s doing which resulted in us feeling confident about our loan. Thank you! Marsha R.

I had dealt with a few lenders and ended up walking away from the deal because of the running around the mortgage lender was making me do. Wasting my time and money way before I even closed on the house. So I had to go find a new lender and by chance came across Kim lawson, I decided to give her a try. She was very knowledgable on many different things, she was constantly keeping me updated and always making sure things were in my best interest. Most importantly she made things on my end very easy and never wasted my time. I am very grateful for her services and would recommend someone give her a try just as I did. William M. Jr 
 
Kim Lawson was absolutely amazing! She was able to make buying a home stress free. I am so glad I found her and will only use her in the future. I recommend her to anyone looking to buy a home; and already have. Matthew W.
Kim Lawson was amazing!!! I came in with low expectation because I had a low credit score and had been turned away by other lenders. She took us under her wing and guided us through the whole process. Long story short we have closed on our dream home and look forward to moving all thanks to Kim Lawson. Thank you so much! Mem S.
We appreciated everything you did. You worked very hard to serve us! You kept us informed at all times, even with the smallest detail. You returned all of my calls quickly and with the answer to my question. You did exceptinally well with everything! Thank you! Amanda S.
Ms. Lawson was very detailed oriented when explaining everything to me, which helped me understand all the paperwork needed to buy a house. I appreciated everything she helped me with and with all my frustrations associated with it. Kim was very professional and the service offered to me from her was well above what I expected. She is awesome at what she does and her employer is lucky to have her as an employee. Thanks Kim!!!! Wendy H.
Kimberly anticipated issues and attempted to resolve them while keeping me informed of all developments. You were especially good at keeping in frequent contact with me with specific information to help the process along. Regina K.
We appreciated how you explained each and every step from beginning to the end. It helped us to understand, being first time home-buyers. We definitely will recommend friends and family to you as soon as we hear they are looking to buy a home! Rhonda T.
 

Licensed by Ohio Division of Financial Institutions

MB.801981.000 NMLS: 248519

Ohio Loan Officer License:  LO.4495.000 NMLS:  5601

 

Kimberly Ann Lawson

Mortgage Loan Originator

Phone: 888-659-3848

Fax: 888-418-1950

www.yeskimmortgage.com

 

ACF Mortgage LLC

6111 Madison Rd

Cincinnati, OH 45227

T: 513-755-7650    F: 513-755-4477