Getting your mortgage loan is a simple four step process.

You will fill out a four page standard loan application called the Uniform Residential Loan Application.  Additionally, you will submit a few documents, such as W-2 forms, account statements and pay stubs, which evidence your financial condition.  Finally, you will sign the Good Faith Estimate, which details the costs of the transaction, and you will sign some disclosure statements that explain the mortgage process in plain English.

Albemarle Mortgage processors prepare your application for presentation to lenders and order necessary supporting documentation such as the appraisal, title work, and a credit report, which shows your payment history, credit limits, monthly payments and current balances. 

Underwriters receive your loan packet from the Albemarle Mortgage processors.  The Underwriter analyzes four major factors when considering your application, including: (1) employment record and income, (2) assets and liabilities, (3) credit record, and (4) the value of the home. Occasionally at this point, the Underwriter may need additional information or documentation from you in order to approve your application.  Ultimately, the lender will approve your application and issue a commitment letter.  Finally, the documents are prepared by the settlement company for closing.

If you are purchasing a new home, the closing is the event at which you become owner of your home.  If you are refinancing an existing mortgage, the closing is the event at which you payoff your existing mortgage, receive your new loan, and promise to pay the new loan back.  Prior to closing, you will obtain homeowner's insurance.  Generally, the closing is a formal meeting that takes place at a settlement company.  You are required to bring photo ID and a certified check for any funds required at closing.  Closing takes less than one hour, during which time the settlement attorney explains the mortgage documents to you, and you sign all of the documents.

To get a price quote and begin the simple 4 step process, please contact Dee McManus at (252) 453-3043 x209 or dmcmanus@albemarlemortgage.com.