The Mortgage Loan Process

1. Purchase Contract

Once you've found a home and signed the purchase contract, you'll be ready to begin your loan application. Your GOM Mortgage Loan Originator will guide you through creating your online account and submitting your application.

2. Selecting A Home Loan

 After submitting your online application, GOM will analyze and advise you on the various financing options and products. GOM's compliance department will provide you with detailed disclosures outlining loan cost and payment details.  

3. Uploading Documents

Next, from your GOM account you can begin submitting any required documents to complete your loan application. After all documentation is received, your Mortgage Loan Originator will move your application into the processing and underwriting departments for review.

4. Processing & Underwriting

At this point your loan processor will order any required documentation for underwriting, such as your home appraisal. The underwriter will provide a conditional approval and request any further documentation if needed. Once conditions are cleared, underwriting will issue a final approval.

5. Closing & Funding

Once approved GOM's closer will coordinate with the title/closing agent to provide you with your closing disclosure and detailed information on funds to close. On your closing day you'll need to bring any funds to close, sign the final paperwork and receive the keys to your new house!


Important Points!

Please prioritize the return of any conditions requested of you by our processing team. Those items are required for a clear to close and if not returned timely could cause a delay in your settlement date.

 

Please begin obtaining homeowner’s insurance quotes and having your agent order any necessary inspections for the policy as early as possible in the process. The bound insurance policy should be delivered to us no less than a week from your closing date or else your closing could be delayed and final settlement figures cannot be issued.

 

Please do not open any new accounts, let anyone pull your credit, or increase your credit card balances during the loan process. It could affect your qualification for the mortgage.

 

If liquid funds are required for closing, they must be sent via wire transfer to the settlement agent and we will require documentation of the transfer prior to closing. These funds must come from a bank account that we verify and have documented in your loan file.

 

WARNING/WIRE FRAUD ADVISORY: Currently wire fraud and email hacking/phishing attacks are a concern in our industry.  If your closing requires a funds transfer to the settlement agent, and you receive an email containing Wire Transfer Instructions, DO NOT RESPOND TO THE EMAIL no matter how legitimate it may seem. Call the settlement agent immediately and confirm the information with them verbally and always use phone numbers and contacts you received and verified at the beginning of the loan process. Be especially wary of communication coming just before closing trying to change wire transfer instructions from what you may have previously received.