The initial meeting with a local MiMutual Mortgage Loan Officer is the first step in the mortgage loan journey. At MiMutual Mortgage, we meet our customers where they are comfortable. This means, if you prefer a in-person meeting we have branches across the United States. If you prefer a phone conference or all communication via our ZOOM! Loan App, that works too! During this initial meeting you will secure the foundations of your mortgage journey. Your Loan Officer will assess your credit-worthiness, determine goals, affirm expectations and start tailoring loan options.
You will complete the formal loan application either in-person, over the phone, or through our dynamic ZOOM! Loan App. Once the application is completed your MiMutual Mortgage Loan Officer will review mortgage program offerings and details such as rate, term, loan type, amortization, and payment options. Your Mortgage Loan Officer will help you make an informed decision as to which loan parameters are right for you. Next, your Mortgage Loan Officer will review next steps including documentation, timing expectations and responsibilities of all parties.
You will gather and submit all requested supporting documentation. You are able to submit documentation securely through our MiMutual Mortgage Online Loan Application. We also accept paperwork via fax and in-person drop-off! All documentation submitted is reviewed by the MiMutual Branch and then uploaded to MiMutual Mortgage’s Loan Operating System (LOS) for the underwriting department’s full review.
If applicable, your Loan Officer will order an appraisal which will determine the subject property’s market value. For some refinance transactions a traditional residential appraisal is not required. Your Mortgage Loan Officer will explain what valuation product can be used for your refinance transaction.
At this step, your Loan Officer has submitted your documents to the MiMutual Mortgage Underwriter. The underwriter will review your credit and property information to verify qualification for the requested loan type. Depending on your situation, you may be asked for additional information or clarification of the information you’ve provided. This is a normal part of the mortgage loan process and is not a cause for concern.
Once the MiMutual Mortgage Underwriter has reviewed and approved all conditions on your loan, a Clear to Close is issued and your Loan Officer will work with your Realtor (if applicable) to schedule closing!
The title company or attorney prepares legal documents required for the transaction type. At Closing you will review and sign all documents to finalize the transaction.
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