MT Capital Loan Process Overview

We make your mortgage experience fast and easy. There are six main steps involved in getting a loan. You'll see that we have made your part in them as easy as possible, and we do all the work! That's what we're here for.

Step one: Needs Assessment

We understand that everyone has different needs in selecting the right mortgage program. Some people want the lowest possible payment, while others want to maximize their cashout. Some borrowers can document their income while others choose not to provide bank statements, W-2s, or paystubs. In step one, our friendly knowledgeable Loan Consultant will ask you some questions, clearly define your needs, and start working on finding the right loan program to meet your individual needs.

Step two: Loan Prequalification

Once we have clearly defined your mortgage needs, we are ready to get your pre-qualified for your mortgage loan. At this step we will help you complete your loan application, get your permission to run your credit report, and find out more details regarding your employment (for full documentation loans), income (if we are using a loan program where we are documenting your income), assets, and housing history. Our Loan consultant will review all the information provided and give you a preliminary approval letter. We will also provide you with a list of documents needed to process your mortgage loan and several different mortgage estimates (called good faith estimates) to consider.

Step three: Processing

Once you've made an offer on your new house and it's been accepted or you have decided to refinance, it's time to process the loan. This is the step where our friendly loan coordinators will document your mortgage file (by ordering appraisals, title work, verifications of deposits, mortgage verifications, and employment verifications) and prepare the documents in the proper order to submit to the underwriter. We do the processing work and all you have to do is provide the list of documents requested in step 2.

Step four: Underwriter

Once your file has been processed, its ready for underwriting. Underwriting is when the lenders underwriter reviews all the documents we have provided to ensure that they are in order and make sure that the loan meets the lenders guidelines. Our Loan Consultants and Loan Coordinators are detail oriented and go to great lengths to fully document the loan file. This cuts down on additional things the underwriter might ask for (called loan conditions), but most times there will be a few minor conditions the underwriter will request.

Step five: Clear underwriting conditions

Once the underwriter underwrites the file they will issue either a clear to close or a conditional loan approval. Most times the underwriter will have some minor additional things they want clarification on or documents they want provided. We will work with you to clear these conditions usually within 24 hours. Once all conditions are cleared, the underwriter will issue a clear to close and submit your loan file to the docs department. The docs department will draw up the loan documents that you will sign at settlement/closing.

Step six: Closing/Settlement

Once we have a clear to close, we will confirm your settlement/closing date and time with the title company and all parties that will be attending settlement. At settlement you will need to bring a certified or cashier check made payable to the title company (if you have a balance to bring to settlement), and a government issued picture ID.

An average loan process from start to finish is around 21 days. However rush settlement can be accommodated upon request. When you receive your preliminary loan approval letter, we will indicate your anticipated settlement date.