Our Process

Here’s a good idea of what to expect during your mortgage process. If you have any questions or concern, please contact your Loan Consultant as soon as possible.
Note: Processing times are estimated and may vary due to volume, file complexity, and other factors.
  • 1. Opening/Processing (2-4 business days)

    An opener will verify/revise your loan application with information from the supporting documents you provided. A processor will then run your loan information through an automated underwriting program to obtain a pre-approval. The appraisal inspection, if required, will be placed by this time and your loan will be moved to the underwriter.

  • 2. Underwriting/Approval (3-5 business days)

    An underwriter will review/analyze your loan application for final loan approval. Loan approval may be received in stages. If the underwriter requests additional information, the processor will be asked to obtain these additional conditions. Once completed, the underwriter will move your file forward to the loan docs department.

  • 3. Loan Document Order (1-2 business days)

    Once your loan is approved and all requirements of the lender have been met, the loan documents will be prepared. The loan documents will be sent to the title/escrow company or the closing attorney’s office, and the closing agent will schedule you to sign them.

  • 3. Funding/Loan Closing (1-3 business days)

    When MCA receives the signed loan documents and verifies all conditions have been met, we will wire the funds to the title/escrow company, and the title company will record the Deed of Trust/Mortgage (usually by the next day). When the deed has been recorded, title or escrow will disburse monies to the appropriate parties. Congratulations! Your loan is complete.

Needed Items/Documentation

The documents listed here are general and may not include all documents specific to your home mortgage financing situation. Your Mortgage Consultant will inform you of any additional documentation that you may need.
  • For a purchase transaction

    Copy of your signed and executed purchase agreement and all addenda
    Copy of your canceled deposit check
    Your Realtor’s name and contact information

  • Income information

    Copies of your W-2 forms for the past 2 years
    Pay stub(s) for the last 30 days, showing year-to-date and current period earnings
    Copies of your signed Federal 1040s for the past 2 years (all schedules and all pages) if you’re self-employed
    Proof of Social Security or Pension Income, if applicable
    Copy of divorce decree, separation agreement, or property settlement agreement, if applicable
    Proof of child support/alimony income, if you want to have it considered as qualifying income

  • Asset information

    Copies of your statements for past 2 months, or your last quarterly statement, for all checking, savings, IRA, 401(k) or other retirement program, stock and mutual fund accounts

  • For a refinance transaction

    Copy of your monthly mortgage statement(s)
    Copy of your homeowner’s insurance (declaration page)
    Copy of your yearly property tax bill

  • Condos and PUDs

    Copy of master insurance policy including HO-6
    HOA name and contact information

Q & A

What does it mean to get prequalified?

Prequalification is an estimate of how much you will be able to borrow. You supply the lender with some basic information about your income, debts and assets. The lender checks your information and gives you a general estimate of home loan amount and monthly payments. Prequalification only takes a few minutes and it’s free.

What does it mean to get preapproved?

With preapproval, lenders review some basics about your finances and provide you with an official letter that states that as long as you meet certain conditions, you will be approved for a specific loan amount and loan program. That allows you to shop with confidence, as sellers often require a preapproval when you go to bid on a home. Learn more about the preapproval step in the loan process.

What is the APR and why is it higher than my interest rate?

This should not be confused with your note rate. The Annual Percentage Rate, or APR, is the cost of your credit expressed as an annual rate. Because you may be paying closing costs, also known as prepaid finance charges (origination fee, discount points, appraisal, interest, etc.), the APR on the disclosure is often higher than the interest rate on your loan. This APR can be compared to the APR of other loan programs to give you a consistent means of comparing rates and programs.

Should I make my next mortgage payment?

You should always make your next mortgage payment unless instructed otherwise, as any defaults/delinquencies may impact your credit.

How long does it take to complete my home loan?

Purchase and refinance loans are ever the same, so it is difficult to estimate how long it takes to complete a loan. If you provide us with all of the requested documentation in a timely manner, we will certainly do everything in our power to make sure that your loan transaction is completed as quickly as possible and within any rate lock period specified (if your rate has been locked in).

Do you offer an auto payment option for your loans?

Once your loan has been closed/funded and its servicing has been transferred, you can contact your new servicer to setup and schedule an auto payment.

What is the closing date for my home loan?

Unless this is a purchase transaction with an estimated closing date, the exact closing date for your loan is not typically known until the processor and underwriter have reviewed your application in its entirety and fulfilled any other conditions/documentation requested for it. We will definitely do our best to make sure that the transaction is completed as timely as possible.

Do I need to have an impound account for my property taxes and insurance?

You can elect to have an impound/escrow account to pay your property taxes and homeowner’s insurance along with your monthly mortgage payment, or to waive it and pay them both yourself. However, typically an impound/escrow account is required when your loan-to-value exceeds 80% or if you obtain an FHA loan. If you initially lock in your rate with an impound/escrow account, there may be a charge (points) or increase in the rate for waiving the account.

Why am I paying X number of months of property tax and homeowner's insurance reserves at the closing of my loan?

To properly reconcile your impound/escrow account, the loan docs department must ensure that you hold enough reserves to pay off the property taxes and homeowner’s insurance when they come due. This may require several months of property taxes or homeowner’s insurance reserves being collected at the closing of your loan. If you currently have an impound/escrow account with your existing lender, you will be sent a refund for any remaining balance after your new loan closes.

Why are you collecting a payment for my property tax and/or insurance renewal before they are due?

Our investors require that you pay the property taxes or homeowner’s insurance renewal at the closing of your loan if they are due within 60 days of the closing date. This is because the investor does not want the risk of assuming your loan, and then having the property taxes or homeowner’s insurance become delinquent. Also, in many states, there may be a “delinquent after” date for your property tax installment which can be a couple months after they are actually due. We must collect the property taxes based on the actual due date, and not the delinquent date.

What is the difference between a second home and an investment property?

A second home is a home you use personally. The mortgage process for a second home is very similar to your primary home mortgage. An investment property is a property you rent out (become a landlord) or buy for the purpose of fixing up and selling at a higher value. This could be an apartment property, condominium, or single family residence.

How long do I have to pay for Private Mortgage Insurance (PMI) if my loan requires it?

Private Mortgage Insurance (PMI) is automatically terminated at 78% loan-to-value/22% equity (based on the amortization schedule) if the loan is current or has reached the midpoint of the payoff. You can also sometimes request that it be cancelled at 80% loan-to-value/20% equity.