Step 1: Pre-Qualification

Timeline: 1-2 days

What Happens:

• Initial Consultation: Contact Cazle Mortgage to discuss your financial situation and determine if you meet basic conventional loan requirements.
• Credit Check: We review your Credit Score and history to assess eligibility.
• Income Verification: Provide proof of income (pay stubs, W-2 forms) to determine borrowing capacity.
• Pre-Qualification Letter: Upon approval, receive a pre-qualification letter outlining your estimated loan amount.

What We Need:

• Basic personal information (name, address, SSN).
• Documentation of income (pay stubs, W-2 forms).
• Permission for credit check.

Step 2: House Hunting and Purchase Agreement

Timeline: Varies (weeks to months)

What Happens:

• Find a Home: Search for properties within your pre-qualified loan amount.
• Make an Offer: Negotiate with the seller and sign a purchase agreement once the offer is accepted.

What We Need:

• Signed purchase agreement detailing the property price and terms.
• Updates on any changes to your financial status.

Step 3: Loan Application

Timeline: 1-2 weeks

What Happens:

• Complete Application: Fill out the conventional loan application with Cazle Mortgage.
• Submit Documentation: Provide detailed financial documents (bank statements, tax returns) for underwriting review.
• Appraisal: Schedule a home Appraisal to determine the property’s market value.

What We Need:

• Completed conventional loan application.
• Verification of employment and income.
• Financial documentation (bank statements, tax returns).
• Appraisal fee payment.

Step 4: Loan Processing and Underwriting

Timeline: 2-4 weeks

What Happens:

• Loan Processor Review: Your file is reviewed to ensure all documentation is complete.
• Underwriting Review: We evaluate your creditworthiness (character, capacity, capital, collateral, and conditions) and the property’s eligibility for conventional financing.
• Conditional Approval: Subject to additional conditions (e.g., further documentation, Appraisal adjustments).

What We Need:

• Any additional requested documentation (clarifications, explanations).
• Home Appraisal report and property assessment.

Step 5: Loan Approval and Closing Disclosure

Timeline: 3-5 days

What Happens:

• Final Approval: Receive final loan approval with clear-to-close status.
• Closing Disclosure: Review and sign the Closing Disclosure detailing loan terms, Closing Costs, and final payments.

What We Need:

• Signed Closing Disclosure indicating your understanding of loan terms and costs.

Step 6: Closing

Timeline: 1-2 weeks

What Happens:

• Closing Appointment: Schedule a meeting with all parties (buyer, seller, Cazle Mortgage, and agents).
• Sign Documents: Sign all required documents, including the mortgage note and deed of trust.
• Funds Disbursement: We fund the loan to the seller, and you receive the keys to your new home.

What We Need:

• Completed and signed loan documents.
• Down Payment and Closing Costs in certified funds (cashier’s check or wire transfer).

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Navigating the conventional loan process with Cazle Mortgage ensures a smooth transaction from pre-qualification to Closing. By understanding each step and promptly providing required documentation, you can expedite the process and move closer to achieving your homeownership goals. For personalized guidance and dedicated support throughout your conventional loan journey, contact our mortgage consultants at Cazle Mortgage. We’re here to help you make informed decisions and secure the financing that fits your needs.

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