CNC Mortgage, LLC

Ridgedale Office Center                                                                                          T 952 545 6769 13911 Ridgedale Drive, Suite 340                                                                          C 612 859 2145 Minnetonka, MN 55305                                                                                            F 952 545 6804

www.cncmrtg.com                                                                                            carlos@cncmrtg.com

THE MORTGAGE PROCESS

1. We will have an initial conversation either by telephone or in person.
2. You will want to know about rates, closing costs and programs. We can send those to you by email, fax, or mail. A “closing cost estimate worksheet” will probably be included.
3. We will provide you with a list of the documents we think we will need for the process. Although we try to be accurate, underwriters almost always ask for more. These can be mailed, emailed or faxed to us.
4. We will take an application, either over the phone or in person. If the application is over the phone we will mail it to you, with a self addressed return envelope and a copy for you. You need to sign one set of documents and return them to us.
5. We will obtain a credit report that you have authorized us to request either by email or in writing.
6. When we have the application, credit report and documents we will be able to lock your loan with your approval.
7. Contacts and documents will be made either by our loan officer or our processor.
8. We will submit the documents to the bank where they will generate their set of disclosures that will be emailed and mailed to you.
9. Once you receive the banks disclosures we can call you to ask for a credit card number (usually Visa or Mastercard, some lenders don’t accept American Express) to order the appraisal. The appraiser will contact you to visit your home for the inspection. We are not allowed to contact the appraiser.
10. The appraisal will go to the bank and you will receive an electronic copy.
11. The bank will continue processing your documents.
12. We will contact your insurance company to inform them of the upcoming change in the mortgage company.
13. We will order title work on your property. The title company or we will order the payoffs from your current mortgages.
14. When we receive final approval from the bank, called a “clear to close” we will coordinate with you, the lender and the title company a time and place to close on the loan.
15. If the loan is a purchase it funds immediately, if this is a refinance the transaction funds three days after signing. For second homes and rental properties the funding also occurs the day documents are signed.
16. Once the loan is concluded we will mail you a copy of your appraisal and credit report.

Carlos Gutiérrez, CNC Mortgage LLC 13911 Ridgedale Dr. Suite 340 Minnetonka, MN 55305. Office: (952) 545- 6769 Cell: (612) 859-2145 Fax: (952) 545- 6804.