The following sections provide an overview of the mortgage process: Loan Application  This is perhaps the most important part of the mortgage process. During this process your Blue Ridge Mortgage Company representative will ask for information pertaining to your income, assets and liabilities. Once this information has been collected your Blue Ridge Mortgage Company Representative will recommend a loan program that best fits your financial needs. Prior to loan application you will need to determine the amount of down payment you will be making towards your new home and collect the following documents that should be brought with you when you make loan application: - Most recent paycheck stubs for each borrower covering the most recent thirty-day period.
- Most recent two years W-2's and/or 1099's for each borrower.
- Two months of the most current and consecutive banks/investment/ retirement statements for all your accounts.
- If self-employed you will need to bring in the most recent two years' tax returns and copies of 1040's, W-2's, 1099's and or K-1 for each borrower. You will also need a year-to-date profit and loss statement.
However, if it is more convenient, you can complete your loan application on-line.
Credit Report
A credit report will be obtained as part of the loan application process. The credit report will show your payment history, credit limits, monthly payments and current balances. Verification
We will verify the information disclosed on your initial loan application (i.e. income, assets and liabilities). Property Appraisal
Blue Ridge Mortgage Company will order a property appraisal from a licensed real estate appraiser on the property in which you are purchasing. The appraisal is done to determine the value on the property being purchased and your loan amount.
Underwriting
A loan decision will be issued based on four factors - income, assets, credit record, and property value. An Underwriter will review the information on your loan application and the information collected on your behalf. Additional information or documentation as required by the loan program gudelines may be requested.
Interest Rate
You have the opportunity to establish an interest rate guarantee or "lock" the interest rate during the process up to ten days before your closing. Keep in mind that interest rates may change somewhat each day. Only you can make the decision to lock the interest rate on your loan.
It is your responsibility to contact your Blue Ridge Mortgage Company representative to determine the interest rate and lock in your loan. Keep in mind that interest rates can change at any time and without notice. Rates generally change a little bit each day, sometimes better - sometimes worse. Sometimes rates can change several times a day. If you know that the financial markets are going through a particularly volatile period, you may want to check with your Blue Ridge Mortgage Company representative periodically to make sure rates are at a comfortable level.
Closing
Blue Ridge Mortgage Company and your closing agent will coordinate a firm closing date and time with you.
Schedule a final walk-through of your new home before closing to make sure it is ready for you and to ensure that any contingencies specified in the commitment letter about the home's condition have been satisfied.
Prior to the closing you must obtain homeowner's insurance with a carrier of your choice. This information must be provided to Blue Ridge Mortgage Company within 72 hours of closing. A Blue Ridge Mortgage Company representative will provide you with the amount you will need to bring to closing. Funds needed for closing must be in the form of a certified check or cashier's check.
A Blue Ridge Mortgage Company representative will go over the settlement charges with you and have you execute the Note and other applicable closing documents.
Customer Service Evaluation
Customer satisfaction is very important to us. You will be asked to fill out a customer service evaluation regarding your mortgage experience. This information is used to refine our systems, processes, and employee training programs. Please give us your input to help us in our continuous effort to improve our customer satisfaction.
Congratulations! You are now a homeowner!
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