The Mortgage Loan Process: What to Expect

Buying a home or refinancing involves several steps. Platinum Advantage Mortgage helps you understand your options, prepare your application, and coordinate with the lender through closing.

We use electronic signatures and automated verification when available and appropriate. Depending on your circumstances and lender requirements, supporting documents may still be needed.

Step 1: Discuss Your Goals and Budget

We begin with your goals, available funds, income, debts, and a monthly housing payment you feel comfortable with.

For a purchase, consider property taxes, insurance, mortgage insurance when applicable, and HOA or condominium dues alongside the mortgage payment.

For a refinance, we compare the proposed terms and costs with your existing loan and discuss how long you expect to keep the new mortgage. Refinancing does not automatically produce savings.

Step 2: Review Your Financing Readiness

An initial review can help estimate your borrowing range and identify potential loan options.

Pre-qualification generally involves a preliminary assessment. Pre-approval generally involves a more detailed review of your application, credit, and supporting information.

We explain what has been reviewed and what conditions remain. Neither is a guarantee of final loan approval.

Step 3: Apply and Compare Loan Options

You can begin an application before selecting a property. Once you identify a home, we update the application with the property and purchase-contract details.

We help you compare available programs, rates, points, lender credits, and closing costs across our lender network.

For most consumer purchase and refinance mortgages, a Loan Estimate must be delivered or mailed within three business days after the lender or mortgage broker receives the six required application items. Supporting documentation is not required before issuing that estimate.

Review your Loan Estimate, ask questions, and tell us when you wish to proceed. We also explain whether your interest rate is locked and the applicable expiration date.

Step 4: Processing and Lender Underwriting

We help organize your file and coordinate with the lender. The lender evaluates your credit, qualifying income, assets, debts, and the property.

An appraisal may be required unless the lender accepts an applicable waiver or another permitted valuation option. Title work, insurance, and other property-related requirements are also addressed.

The underwriter may request additional information or issue a conditional approval. Responding promptly helps keep the process moving.

Step 5: Prepare for Closing

As remaining conditions are addressed, we coordinate with the lender and closing agent.

For most mortgages covered by these disclosure requirements, you must receive a Closing Disclosure at least three business days before closing. Review the loan terms, monthly payment, closing costs, and cash to close.

Continue making existing payments on time and tell us about changes in employment, income, debts, or funds. The lender may update information before funding.

Before wiring money, independently verify instructions with your closing agent using a trusted phone number.

Step 6: Sign and Complete Funding

You sign the required documents using the closing arrangements available for your transaction. Electronic signing may be available for some documents; others may require notarization or an in-person signature.

Signing alone does not necessarily mean funds have been disbursed. The lender must authorize funding and applicable closing requirements must be satisfied.

For a purchase, possession and access to the property follow the purchase contract and the closing agent’s confirmation.

Certain refinances secured by a principal residence have a three-business-day right of rescission. Funding generally occurs after that period expires and applicable requirements are satisfied.

Personal Guidance Throughout the Process

Platinum Advantage Mortgage serves buyers and homeowners throughout Florida. We help coordinate the details, explain the next steps, and answer your questions. The lender makes the underwriting and final approval decisions.

Call 407-341-4313 or email rjolley@platinumadm.com.

Please use our designated secure process to submit financial documents or sensitive personal information.

Loan approval is subject to lender underwriting requirements. Rates, terms, program availability, and closing timelines may vary.