Mortgage Process
Mortgage Loan Origination Process
The mortgage loan process involves gathering documentation related to your income, residence history, payment obligations, and bank account balances.
Mortgage applications can be paperwork-heavy, but Lucent Brokerage will help you navigate it all. Doing the work upfront ensures a strong offer on your future home, saves time on submissions, and reduces uncertainties throughout the process.
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1
Mortgage Pre-Approval
This step determines how much you can finance for buying or refinancing a home. Lucent Brokerage reviews your income, employment history, down payment source, post-funding reserves, and credit history. With this clear picture, you’ll know exactly what your purchasing power is.
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2
House Shopping
Once pre-approved, you’ll need a high-performing buyer’s agent. They’ll help you submit a competitive offer. Lucent Brokerage will work closely with your agent to assure the seller that your financing is fully vetted and ready.
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3
Loan Application
Lucent Brokerage gives you access to diverse loan products and rates from wholesale lenders unavailable through retail banks. After finding the best loan for you, we’ll submit an application to receive conditional underwriting approval.
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4
Underwriting
The underwriting team ensures you and the property meet the loan product’s eligibility requirements. As the key decision-maker, the underwriter reviews all documentation, checks your credit history, and assesses your ability to repay the loan. Lucent Brokerage will clearly explain all conditions, guiding you through the process without jargon.
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5
Final Review and Closing
Before the closing date, Lucent Brokerage will review all financing terms with you. While loan documents can be complex, we’ll make sure you understand the key points to ensure a smooth and successful closing.