Choose Ally With Atlantic Bay
Incentive- Receive a 1% of contract price incentive (up to $5,000) when partnering with Third Generation Homes and Ally Cain with Atlantic Bay Mortgage.
Long-Term Lock- Lock your interest rate for up to 365 days.
Lower Lending Fees- "We eliminate junk fees that other lenders charge - saving clients money."
Client Satisfaction- "94% of closed-loan borrowers would recommend us to friends and family."
Quick Closings- "Our average closing time is 27 days, while the national average is about twice as long. We aim to keep clients smiling at the closing table."
WE'RE WITH YOU EVERY STEP OF THE WAY.
1. Pre-qualification or Pre-approval
If you're simply trying to figure out whether you can qualify for a mortgage, then pre-qualification is generally the initial step of the mortgage process. Using credit, income, and asset information, lenders will make a determination as to which loan programs you're eligible for and how much you may be able to afford. A mortgage pre-approval carries more weight and goes a step further than pre-qualifying. Your lender will take more of a deep dive into your financial health, your income and assets, employment, and debts. Essentially, your loan is going through upfront underwriting and puts you on the fast-track to homebuying.
The first stage of the approval process is the completion of a loan application. This can be done quickly and securely online with Atlantic Bay HomeStretch application and borrower portal. Once the application is complete, your mortgage banker may request additional items to support the information provided on your application. This will include paystubs, tax returns, W-2 forms, bank statements and various other items. After this information is complied, your loan moves to underwriting.
This is the initial stage of your approval process where all the information gathered is reviewed. The underwriter verifies that you meet all the criteria of the loan program. At Atlantic Bay, your files go through processing and underwriting simultaneously to streamline the process.
Once the underwriter finishes their review and determines your ability to purchase a house, you'll receive feedback on any additional conditions needed for final approval.
Processing is when the items provided with your loan application are verified. Loan processors will verify employment, review bank statements and credit history, and fulfill any conditions the underwriter needs to clear the loan for closing.
Once your loan package is fully processed and all conditions have been satisfied, your file is marked "clear to close". The lender prepares your closing documents, sends all necessary disclosures, and your closing is scheduled with your attorney/settlement agent and real estate agent, which is typically held at the title company.