Loan Process

At Bridgeview Mortgage Company, you will work with a single Mortgage Consultant from start to finish in obtaining your loan. Your Mortgage Consultant will guide you through the following steps.

• Free Consultation. Your Mortgage Consultant will help you decide if buying a home or refinancing would make financial sense, and which loan program fits your needs.
• Pre-Qualification. Your Mortgage Consultant will ask you questions about your income, employment, assets, and debts to work out how much money you could afford to borrow when you apply for your loan. If you are buying a home, pre-qualification indicates what price range you can afford and shows the seller that you are qualified. If you are refinancing your home, pre-qualification discloses how you would gain financially.
• Application. Once you have found your dream home and signed a Purchase and Sales Agreement, or made the decision to refinance your existing home, you apply for a loan. Your Mortgage Consultant will review your financial documents and help you fill out the loan application form. The form provides lenders information on your finances, specifies the type of mortgage loan you want, and describes the property you wish to purchase or refinance.
• Opening the File. The lender orders a property appraisal, title search, your credit report, and reviews your loan application. The lender requests any documents needed to process the loan.
• Processing. The loan processor reviews and verifies your documents, debts and payment history, and checks the appraisal and survey forms. The processor may request clarification or further documentation and, when everything is in order, puts together a package that may be underwritten by the lender.
• Underwriting. The underwriter evaluates your loan application by analyzing your creditworthiness and the quality of the property to decide if the package sent over by the processor would be an acceptable loan. The lender approves the loan and issues a commitment letter
• Pre-Closing. At this time, the parties meet any outstanding conditions or contingencies, and a closing date for the loan is scheduled.
• Closing. At this meeting, the lender, through the closing attorney, funds the loan and issues a check to the seller in exchange for title. You, the borrower, sign the mortgage documents and pay closing costs to finish the loan process and actually buy or refinance the home.