Pre-qualification

 At Legacy Mortgage Services, we believe the mortgage process should feel clear, personal, and manageable. Whether you are buying a home or refinancing your current mortgage, our team will guide you through each step, answer your questions, and help you understand what to expect along the way.

Pre-qualification is often one of the first steps in the homebuying process. During this stage, we review information about your income, debts, credit, assets, and overall financial picture to help estimate how much home you may be able to afford.

Getting pre-qualified before you begin shopping can help you understand your price range, compare loan options, and feel more confident when talking with your real estate agent.

If you are refinancing, this step can also help us review your current mortgage and determine whether refinancing may make sense based on your goals.

Application

The application begins once you are ready to move forward with a home purchase or refinance. You will complete a mortgage application and provide the documentation needed for your loan file.

During this step, we will review your loan program options, estimated monthly payment, down payment, closing costs, and any other important details related to your financing.

After we receive your completed application, we will provide a Loan Estimate within three business days. This document outlines the estimated terms, payments, and costs associated with your loan.

Processing 

Once your application and documents are received, your loan moves into processing. Our team reviews your credit, income, assets, employment, debts, and other documentation to help prepare your file for underwriting.

In many cases, your application may also be submitted through an automated underwriting system, which helps identify the documentation needed for loan approval. Some loan files may also require a manual underwriting review.

During processing, we may ask for additional documentation or written explanations related to items such as credit history, deposits, employment, income, or property details. This is a normal part of the process, and our team will help you understand what is needed and why.

Underwriting

Underwriting is the formal review of your loan file. The underwriter evaluates your application, documentation, credit, income, assets, and property information to confirm that the loan meets program and approval requirements.

Sometimes the underwriter may request additional information before issuing a final approval. These requests are called conditions. Conditions may relate to your income, credit, assets, employment, or the property itself.

Our team will work with you to gather any needed items and clear these conditions as quickly as possible.

Closing

Closing is the final step in the mortgage process. Once all conditions are cleared and your loan receives final approval, your closing is scheduled.

Before closing, you will receive a Closing Disclosure that outlines the final terms and costs of your loan. This gives you time to review the details and ask any final questions before signing.

At closing, you will sign your final loan documents. If you are purchasing a home, this is also when ownership transfers and your loan funds are sent to the closing agent. If you are refinancing, your new loan is finalized according to the required timing and funding guidelines. 

Your closing will typically take place at a title company or approved closing location. Our team will make sure you know what to bring and what to expect before closing day.