Our Efficient Mortgage Purchase Process Gets You Home Faster
At TruStone Home Mortgage, we strive to make your mortgage application, underwriting and closing experience as quick and painless as possible. You can rely on us to mind the details, keep you informed and promptly answer your questions throughout the process.
How Long Does the Mortgage Purchase Process Take?
Typically, you can expect the entire mortgage purchase process to span approximately 23 business days with TruStone Home Mortgage. Here's why:
- We stay on top of the latest rules and regulations.
- We tell you up front what steps you'll need to take.
- Our established relationships with top-notch, third-party vendors (appraisers, title companies, etc.) ensure all necessary parties are ready to act when you're ready to buy.
- We review everything with you ahead of time, so you have time to ask questions and don't face surprises at the closing table.
- Our mortgage specialists offer a combined 125+ years of experience and knowledge in the mortgage industry.
What Can I Expect During the Purchase Process?
There are three main phases you can expect when you work with TruStone Home Mortgage to finance a mortgage purchase loan. We understand that every home purchase is different, but below is what you can understand from a typical purchase process. The phases include:
Phase 1: Application
The first phase kicks off when you fill out the mortgage purchase application (we're here to help, just ask). At the same time, our team reviews your credit report and analyzes the loan proposals available in the market. Based on your goals, we narrow down and then explain the options you have to consider.
Within three business days, we provide all disclosures you are required to receive by law, along with a list of documents you will need to provide, so we can process and underwrite your mortgage application. We then ask that you provide us with the requested documents within four days.
Phase 1 = 14 Days
Phase 2: Underwriting
During this phase, TruStone Home Mortgage submits orders to the third-party vendors to get the ball rolling. At the same time, we submit your loan application to our internal underwriting department to pre-review and verify your income, assets, employment and other required documentation.
The third-party vendor work assignments and paperwork are completed in seven days, submitted back to underwriting and a final determination is made that the loan is or isn't clear to close.
Phase 2 = 9 business days
Phase 3: Closing
After your loan is cleared to close, we schedule a date and time with you for the closing as soon as possible. Our team requests the closing documents from the title company chosen for your mortgage. You are provided with a document that details all of the costs associated with your loan. We review this with you prior to closing, so you know who you are paying, what you are being charged for and how much it all costs. The closing shouldn't take more than one hour.
Phase 3 = 1 hour
Phase 4: Feedback
Once your loan closes and you get all moved in, we provide you with a survey to share feedback on how we did. It's important to us to better ourselves and our process and we love to hear from the people we put in the home of their dreams.
Contact Us for Details
If you have questions about the steps it takes to get a purchase mortgage from us, contact us or call 763.595.4010. We're happy to talk with you before, during and after the mortgage purchase process. TruStone Home Mortgage will also handle the servicing of your loan once it closes, so we're here for you in the short and long-term.