The Loan Process

Prequalification

Prequalification occurs before the loan process actually begins. A Treadstone mortgage expert will gather information about your income and debts, and make 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 your current mortgage is a good idea for you or not.
 

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Application

The application is the beginning of the mortgage 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.  Unlike many lenders, Treadstone does not charge any application, credit report, or any other fees upfront.  Many realtors today won't even begin showing a potential buyer homes until they have been pre-approved for financing first. We can help get you pre-approved within hours under no obligation and no cost to you at all.   

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Processing of your Estimated Loan

Once you find your new home we will 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.
 

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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.
 

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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.

 

Treadstone handles the entire mortgage process and all decisions are made "in house". As the lender, we are able to ensure your mortgage funds quickly and with out delays.  Based in Grand Rapids and serving all of Michigan residents, Treadstone is the place to get a mortgage and get it done fast.

 

Treadstone based in Grand Rapids, is the fastest growing mortgage company in Michigan.  We specialize in FHA 203k Renovation Mortgages, zero down programs, VA Home Loans, Conventional mortgage options and Home Refinance.  Our staff of experienced, successful mortgage specialists make working with Treadstone a second to none experience.  When it comes to your dream of home ownership and a prosperous future, trust the local mortgage experts, trust Treadstone.  We'll exceed your expectations!

 

Treadstone Funding

25 Commerce Ave SW

Grand Rapids, MI 49503

616.774.9160