Call or text John: 480-900-7825

Your Mortgage is Locked. Now What?

You've just locked in your interest rate with John Moran and Simplify Mortgage. Here are the next steps in the loan process and what you should expect along the way.

➜ Appraisal Deposit

If you have not already done so, now is the time to provide your credit card information so the appraisal can be ordered. Since the appraisal is typically one of the more time-consuming steps of the loan process, this is very important. Our team will be reaching out shortly to request this information.

➜ Loan Disclosures

You have already received an email providing access to your online customer portal. The customer portal is important because it provides you access to your loan documents and allows you to e-sign them. It also has a space for uploading supporting documentation securely and lets you follow along with the loan progress. It is important that you check in periodically to download and/or sign any required documents on your customer portal.

➜ Processing

After your mortgage is locked in and you have provided your appraisal deposit, you will be in contact with your Processor. The processor is going to prepare your loan for the underwriter, whoc ultimately approves the home loans. Though you will deal with your processor quite a bit, you are still free to call John anytime with questions or concerns. The processor does not replace John in the process, he/she is just one of the supporting cast helping to get your mortgage to the finish line!

➜ Conditional Approval

When the loan is ready, it will be submitted to the underwriter for approval. 99% of the time, this will be a conditional approval, meaning the loan is approved if certain conditions are met. Many times these conditions will involve the appraisal, title, etc, but there may be some conditions that pertain to your income or asset documents. Be prepared to provide provide supporting or supplemental documents to clear any of these conditions.

➜ Cleared-to-Close

Almost done! Once all the conditions have been met, your loan will receive a full approval, otherwise known as cleared-to-close. Now it is time to set up the loan document signing. Instructions will be provided to complete this step once you are at this stage. You will sign the loan documents at the title/escrow company or at a location you and the title company agree upon (a notary public will be present for the signing). You will also provide an monies due to the titles/escrow company at this point.

➜ Funding/Recording

Home Purchase: Once the loan documents are signed and the title company has provided us with a copy of them, we will authorize funding of the loan and the title company will disburse the funds as designated in the closing documents. It is time to pick up your keys and enjoy you new home!

Home Refinance: If you are refinancing your primary residence, you will have three days after signing the loan documents to review them and make sure you want to proceed. This is known as the 3 Day Right of Rescission. After the 3 day waiting period (assuming you wish to proceed), the loan will record and the refinance process is over. If you are refinancing an investment property, the 3 Day Right of Rescission does not apply and your loan will record and go into effect immediately. In either case, if you are receiving any cash back at closing, this is when those funds will be disbursed to you as designated at the document signing.

John Moran - Loan Originator
NMLS 1059293
Simplify Mortgage

8637 E Osborn Rd
Scottsdale, AZ 85251