New Penn Financial - Loan Process

The Loan Process

The first step of the process is…don't worry! Our mortgage professionals have experience helping customers with different credit and financial situations navigate quickly and smoothly through the loan process. They have experience working with traditional and non-traditional loans as well as fixed rate loans and Adjustable Rate Mortgages (ARM’s). So, whether you have had credit problems in the past or need a non-traditional mortgage program to meet your unique needs, we have the experience to get you through the process.

Our commitment to you is to make the loan process as hassle-free, fast and smooth as possible. There are four main steps involved in getting a loan. You'll see that we've made your part as easy as possible, and we do all the work! That's what we're here for.

Step one: Determine the appropriate loan program for you

Whether through the internet or phone, the process starts with your loan officer learning more about you and your goals. Your loan officer will ask you a few questions about what you are trying to accomplish; refinancing your existing mortgage to lower your monthly payments, consolidate debt, buying your dream home, etc. Then he or she will learn more about your employment, your assets, your residence history, etc. and get your permission to review your credit. Based upon this information, your loan officer will provide you with a proposal that meets your goals.

Step two: Gathering information

Once you accept the proposal, we'll need to start gathering information such as verification of income, information about the property, etc.. This is the step in the process where the appraisal will be ordered. To keep the process moving forward smoothly and quickly, it is important that you send in the information requested and schedule the appraisal as quickly as possible. Don’t worry, we will walk you through each step of the way and be in constant communication with you as we progress.

Step three: Completing the approval process

Once we have all the information from you we need, we can quickly finish processing your application. Typically, this process only takes a matter of days and we will be in contact with you throughout the process. Once you are approved, we will review with you all the terms of the loan to confirm everything is in order.

Step four: Your loan is funded

Now, it’s just a matter of closing your mortgage loan! To make getting your loan as convenient as possible, we will schedule your closing in your home or another mutually convenient place for you. One, two, three, four....it’s that simple!