Breaking Down the Mortgage Process


Pre-qualification is the first step in the mortgage process. One of Primary Residential Mortgage’s loan consultants will take your mortgage application, to look over your financial situation. The loan consultants are analyzing three separate areas: Income, Assets, and Credit. By analyzing these three areas, we can then run different payment scenarios and give you an idea of costs involved with the transaction and what we will need from you documentation wise.

Why is this step important? This step is extremely important to make sure that you have an understanding of price of home and the payment for that home. This is also a great time for the loan consultant to confront any projected issues up-front and get them resolved as soon as possible.

Why do most realtors ask if you have been pre-qualified? Most sellers require a pre-qualification letter from a mortgage bank to know that the buyer is serious and talking with a bank to get financing for the home they are attempting to purchase. Give a Primary Residential Mortgage loan consultant today to go ahead and get pre-qualified.


Congratulations you have a contract on your new home! Primary Residential Mortgage will not start “Processing” your mortgage application. This is where we gather all the documents to prove what you stated on your application. A Primary Residential Mortgage loan processor will now contact you and start gathering the documentation required for the underwriter to approve your mortgage.

Primary Residential Mortgage tries to make this part of the process as smooth as possible, but this can be very thorough part of the process. Our expert loan processors knows exactly what the underwriters will require therefore they ask for very specific items.

Primary Residential Mortgage has some of the top loan processors in the industry and we strive to make this part of the process as smooth as possible so we can get you into your new home quickly and on time.


Think of the underwriter as a gatekeeper. The underwriter won’t let you in the front door unless you can thoroughly demonstrate your creditworthiness. Underwriters are like real estate detectives. It’s their job to make sure you have represented yourself and your finances truthfully, and that you haven’t made any false or misleading claims on your loan application. Their standards are much higher than loan pre-qualification requirements.

With Primary Residential Mortgage, our professional loan consultants know exactly what our underwriters are looking at and we have the guidelines for each product at our finger tips. If there is any questions we also have direct access to our underwriters to get you a answer on your situation as quickly as possible.

Your file will go to the underwriter two times. The first is what is called an initial underwriting. This is the first time the underwriter has seen the file. She will go through the file thoroughly and issue a conditional approval. This means you are approved provided you can provide the following conditions. At this point the file goes back to the processor to gather the remaining conditions for the final underwrite. Once the underwriter has signed off on all conditions, the underwriter will then issue the “Clear to Close”.


Wahoo, you’re cleared to close! Congratulations you are now cleared to close and can breathe a sigh of relief. Once the underwriter has cleared your file Primary Residential Mortgage instantly gets the file over to an expert closer. The closer prepares the instructions for the title company and the closing documents to be signed at closing.

Once the title company receives the instructions for your file, then start preparing the HUD-1 which breaks down the transaction numbers and all monies being credited or debited on the transaction.

Once Primary Residential Mortgage has an approved HUD, we then wire the money to the title company for your closing.

Congratulations you have made it to closing day and you are now able to close on your new beautiful home and open a new chapter of your life. Our loan consultants don’t just stop at closing. If you have any questions after you closing we are always a phone call a way to help answer any questions or concerns you may have.