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Commonwealth Mortgage Group, LLC
325 Oakton Avenue
Pewaukee, WI 53072
Office: (262) 691-6100
Toll Free:
(888) 298-3600
Fax: (262) 691-2112
info@gocmg.net
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Overview of the Loan Process at Commonwealth
Mortgage Group
Step One: Contact Us
Commonwealth Mortgage Group is open five
days a week, Monday -Thursday 8 A.M. to 7 P.M. ,
Friday 8 A.M. to 5 P.M. and evenings and weekends by
appointment.
At any time in your shopping process,
Commonwealth Mortgage Group's highly skilled
loan officers will be happy to assist you in
finding the program that best suits your
borrowing goals. Our staff is trained to give
you straightforward, honest answers that make
getting the right loan easy. Whether you want a
Good Faith Estimate, or even a pre-approval, you
never have to leave your home or office.
Commonwealth Mortgage Group will gather the
proper information over the phone and fax or
mail the necessary documents directly to you.
Step Two: Applying
You can submit your loan application by phone
with a loan originator or schedule an
appointment (day, evening, weekend and in home
appointments available); the process takes just
minutes! Any way you choose to apply,
Commonwealth Mortgage Group will lock or float
your rate based on your needs. If you close
within your designated lock-in period we
guarantee that the terms (rate and points) of
your loan will not change.
Step Three: Confirmation of Application
Within 48 business hours of receiving your
documents, complete documentation relating to
your loan will be sent to you for your approval.
Your package includes your typed application as
well as other disclosures and written
agreements, and a list of documents required to
expedite the processing or your loan will be
sent to you by e-mail and/or mail.
Step Four: Processing and Appraisal
Processing your file will allow us to complete
the package for underwriting. Ordering credit
reports, title reports and appraisal is
completed in this step. We'll order the
appraisal from a licensed appraiser who is
familiar with home values in your area. In this
phase, we will be completing the file, gathering
all documentation and "painting the picture" for
an underwriter. This process allows us to
present your case to the investor in the most
favorable light. Our ability to present your
financial package to the lender will allow us to
secure the best rate in the least time possible.
Title insurance will be necessary, if you are
purchasing a home we'll work with the real
estate broker or seller to ensure the title work
is ordered as soon as possible. If you are
refinancing we'll take care of ordering the
title work for you. We'll use the title
insurance policy to confirm the legal status of
your property and to prepare the closing
documents.
This is where the final loan product is selected
and the interest rate is locked in (if it hasn't
been locked in already). If you know at any time
what type of loan you want, and feel the rate is
acceptable, we can lock your loan at any time.
Step Five: Underwriting
This is where the final decision is made on your
loan by an underwriting department. With you
should get an answer within 24-48 hours. They
will review your entire package and make their
decision based on five critical elements:
- Income
- Assets
-
Liabilities
- Collateral
- Credit
History
Step Six:
Closing
Here is the final step to the
transaction. We will have the documents sent to
a closing facility near you. This is where you
sign the documents necessary to satisfy the
lender. This is also where any funds required
for closing (such as down payment) will be
required. Once all parties have been satisfied,
the loan will "Close" and funds will be
disbursed.
A few days before closing your Loan Officer will
contact you to walk through the final
information.
That's all there is to it! Apply Now and you
will be on your way to the most convenient home
loan ever!
If you have any further questions feel free to
contact us at
any time!
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