The Home Loan Process

Your Loan Process with Paramount Bank

Welcome to the Paramount Bank Home Loan Process guide! Here, you’ll embark on a journey from application to after your loan closes, gaining insight into the process. We know that financing a home is a monumental decision, and our goal at Paramount Bank is to make the process smooth and easy for you. 

Step 1
Meet Your Mortgage Loan Officer

Step 1
Meet Your Mortgage Loan Officer

To initiate the process, our Mortgage Bankers, your trusted guides, will meet with you at your convenience, whether it’s in a face-to-face meeting, phone call, or video chat. This initial meeting will dive into your needs and preferences, determining the most fitting loan program options for you, whether you’re looking to finance a new home or refinance your current home. Potential programs, advantages, fees, and down payment options will be explored.

Click here to find a loan officer in your state. [link to Find a Loan Officer]

Step 2
Get A Pre-Qualification or Pre-Approval Letter

Step 2
Get A Pre-Qualification or Pre-Approval Letter

If you’re still shopping for a home, you can meet with us before you even have a property in mind and we can assist you with a pre-qualification or pre-approval letter.  

Click here if you need a pre-qualification or pre-approval letter [link to Find a Loan Officer]

Step 3
Apply For a Loan

Step 3
Apply For a Loan

Once you decide to move forward, the Paramount Mortgage Banker will help you complete the loan application. 

The loan application identifies the property being financed, the source of down payment, employment for any borrowers included on the loan, and your assets and liabilities. Additionally, the loan application will include the loan program you’ve selected, as well as the loan term and rate.  

Click here to learn more about some of our product and programs. [Link to Products and Programs]

Shortly after this meeting, a Good Faith Estimate and Truth-in-Lending Disclosure will be sent to you for your review.

Documents Collected and Submitted to Processing
Next, our skilled Loan Processors step in. They’ll request various documents from you to verify the information provided in your application. These documents may include proof of identity, proof of income, employment verification, bank statements, information on other assets, and information on existing debts. A credit check will also be performed. 

As documents are received, Processing will review them, ensuring all required information has been collected. If additional items are needed or if questions arise, the processor may contact you directly.

During this processing period, services will also be ordered, such as appraisals, title searches, and flood certifications. These safeguards protect both your and Paramount’s investment in the property.

Application Submitted to Underwriting
Once all necessary information has been collected and processed, your file will be sent to our trusted Underwriters. Paramount’s trained underwriters will do a thorough review of your application to ensure it meets all applicable guidelines for the loan program you’ve selected. 

After evaluating all your information, the underwriter will make a decision regarding your loan application. They may approve the loan, approve it with conditions, or deny it.

Underwriting Decision
If the loan is approved with conditions, you’ll need to fulfill them before the loan can be finalized. Conditions may include providing additional documentation, paying off certain debts, or making repairs to the property. Your loan officer will help clarify any requirements. 

Unfortunately, not all loan applications will meet guidelines set forth by the loan programs. If your loan is denied, your loan officer will contact you to discuss the situation and may suggest alternatives.

Clear to Close
Once all conditions are met and the underwriter is satisfied, the loan is given the “clear to close” status. This means that all the necessary steps have been completed and the loan can proceed to closing.

Paramount’s loan closers will coordinate with you and the title company a date and time to sign your loan documents. You’ll sign the final paperwork, including the mortgage documents. The funds will be disbursed to the seller, and you’ll take ownership of the property. We strive to ensure every closing takes place as smoothly as possible and without delay.

After closing, your loan will be serviced by a nationally recognized lending institution. However, Paramount Bank’s service does not stop after closing; we’ll always be available to answer your questions or address issues as they arise!  If you have a service-related question and are not sure where to turn, give Paramount a call. We’re happy to help.

Paramount Bank would love the opportunity to earn your business for all your home loan needs. Our company slogan is “Expect Excellence”, and our mission is to make your purchase or refinance experience an enjoyable and memorable one. Please reach out with any questions and let us know how we can serve you. 

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