The Mortgage Process

This is the start of what we hope to be a long-term working relationship with you. Prequalification means your loan originator has reviewed your loan application, submitted your loan for automated loan approval. Preapproval is an additional step of having your file reviewed by an underwriter and can be done well before you find a property to purchase.

The Knox Mortgage Team has a variety of home loan options to match your financial goals. Your loan originator will review multiple loan program options and explain the pros and cons of each option. After you agree to a loan program and structure your loan originator will issue an official Loan Estimate.

Our highly skilled and friendly loan processor will be in direct contact with you and will keep your application moving towards final approval through coaching you to upload your documentation, verifying your employment, ordering an appraisal, and ongoing communication with the Underwriter, Title Company, and Escrow or Closing Attorney’s office to ensure stress-free and on-time closings.

Unlike other lenders who tend to present one rate to lock, the Knox Mortgage Team will present up to 10 different rates, fees and payment options. A low rate is important, but a borrower should be given options for Lowest Rate/Highest Fee, Moderate Rate/Moderate Fee and Highest Rate/Lowest Fee.

Our underwriter will work closely with our loan processor and your loan originator to approve your loan or to make loan structure adjustments to achieve an acceptable lever of risk to obtain “final approval”. Because your loan originator has thoroughly reviewed your file prior to submission for underwriting, loans are almost always approved as submitted. If the loan is denied your loan originator will present alterative loan programs or strategies, then resubmit your loan for approval.

Prior to closing your loan originator will issue a Closing Disclosure which you can compare to your initial loan estimate. Your loan documents will be prepared and sent to the Escrow or Closing Attorney’s office for signing, or if preferred a mobile notary can be used. Congratulations! You receive your keys and celebrate!

Servicing means who manages your mortgage payments. Canopy Mortgage services some of our funded loans and sells the servicing on some loans. Your closing paperwork will include first payment coupons and instructions, but Canopy and your loan originator will also be in contact after your closing with additional loan-servicing information.

Our goal throughout the loan process is to provide such outstanding expertise, service, value, transparency, and communication to become your life loan exclusive mortgage loan originator. Call us anytime you have mortgage related questions or if you are looking for a referral to assist with your home repair and maintenance.