What Happens after I Submit my Mortgage Application?

Hey guys. So excited to be back today with our top producer, Tip of the week. I have Derek McGowan here with us. He's over in our Kansas City, Missouri office. Derek, I want to ask you a question about something that I think is probably pretty important and at the top of everyone's brain once they have that initial conversation with you and you fill out the application and find their dream home. So, so once someone gives you their application, what is the typical process that they would go through and who would they hear from when they're trying to get their mortgage?

Yeah, absolutely. No, that's a, that's a perfect question. That's a common one that we probably get daily. So yeah, we have people fill out the application and that could be over the phone or filling out our quick link that takes five minutes or so, kicks it back over to us. Then we're in contact almost immediately, my team and I reaching out and generally the, my, my rule is, you know, as long as it was filled out before, you know, three or four in the afternoon, we'll have it back to you the same day with the pre approval where it's quick and simple to get started. Then we love, especially in today's busy housing market, we love to get them fully, you know, conditionally approved up front. So that pre approval on day one, you start looking for houses, you can make an offer with that, there's no stopping you. That's, that's your golden ticket to go shop for houses. But pre approved, that conditional approval, that's where we kind of, you know, hunker down, collect the documents to kind of back up everything that was filled out, have underwriting review it. So it takes just a couple days. And this is kind of going on in the background while people shop for houses. But that way, usually that conditional approval is something that most lenders do. Maybe two or three weeks into the process, after you found a house and got your offer accepted, we try to flip that script around and get that done up front because then we can turn around and kind of, you know, piggyback on, on an offer you might make and really strengthen it by telling the listing agent or the sellers that, hey, that we've already had underwriting review everything on this file. You know, the, our buyers, our borrowers are 100 ready to go. Now it's just up to your property. As long as it appraises and the title works good, the insurance is good, we can close. So we like to coin it kind of nearly as good as cash. So which really makes your offer stand out, then you obviously place your offer with your realtor, with your agent. Once it's accepted, then it's really go time for us. Loan goes to underwriting.