NFM streamlines the home loan application process so customers can move quickly on making and offer and getting the home they want.

Purchase

Six Steps to Purchasing a Home

1) Get Pre-Qualified*

Getting pre-qualified is great for two reasons:

First, it will improve your purchasing power. Home sellers and Realtors® feel more confident negotiating a contract with people who are already pre-qualified because it increases the probability that the buyer can quickly get financed. Some sellers and Realtors will only work with people that have been pre-qualified. With a pre-qualification the real estate transaction can go a lot smoother because all parties have more information into the purchasing power of the buyer in the early stage of the deal.

Second, getting pre-qualified is recommended because it gives you a clear idea of how much mortgage you can afford. This makes the home buying process easier because you’ll know exactly which houses are in your price range.

2) Find Your House

Work with a licensed Realtor® to find the home of your dreams. They are knowledgeable and have housing-market insights that can be save you time as compared to doing the search on your own.

3) Chose Your Loan

Selecting the right loan product to fit your needs is important. Our licensed Mortgage Loan Originators can guide you on your options and help you pick the loan that’s right for you. Learn more about the available options here. 

4) Apply for Your Home Loan

To officially apply, you must submit the names, social security numbers, and the monthly incomes of all applicants, the subject property address, and the estimated value of the property being purchased. During the application process the amount of the loan and the down payment are determined by you. Based on the information you provide, we’ll be able to tell you what your approximate monthly loan payments will be.

5) Processing and Underwriting

After you submit all of the application documents, your Mortgage Loan Originator submits them to Processing. The Loan Processor puts all these items together, orders a title search, helps schedule an appraiser to determine the value of the property, and sends the application to Underwriting.

In the Underwriting process, the underwriter reviews all of the documents received from Processing and will determine whether you qualify for the loan. The factors used to establish eligibility include the borrower’s credit report, their ability to make payments on the loan based on their debt-to-income ratio, the value of the property in comparison to the amount being borrowed, and their capital.

When the Underwriter approves, a clear-to-close is processed and the settlement date can be scheduled.

6) Closing

Congratulations! It’s closing day and you’ll start by doing a walk-through of the home you’re purchasing. Your Realtor will accompany you and you can ask any last-minute questions. The mortgage closing is where all the final paperwork is presented and signed by the seller and the buyer. Three days prior to closing you will receive your Closing Disclosure, which states your interest rate, monthly payments, and closing costs. The closing will also include the disbursement of funds. The Closing can take place in the office of the title company or an attorney. Some closings can be completed electronically.

*Please note that the pre-qualification does not constitute a commitment or a loan approval, but is instead a preliminary assessment of your current credit worthiness.

Refinance

Four Steps to Refinancing Your Home

1) Apply for a Mortgage Refinance

The refinance process has is similar to the purchasing process, and starts with an application which requires the borrower(s) names, social security numbers, and the monthly income of all applicants, the subject property address, and the estimated value of the property being refinanced. During the application process, you’ll also determine if you would like to take cash-out, and what amount is available to you based on your home equity, current value of your home, and interest rates.

2) Choose Your Loan

Selecting the right loan product is very important in the mortgage process. There are many to choose from and each product has unique rates, features and eligibility criteria. Some loan products are designed specifically for refinancing. Whether you’re looking to lower your current monthly mortgage payments, shorten the term of your mortgage and reduce payments, or get cash-out, our knowledgeable, experienced Loan Originators will help you find the right loan by looking at your existing mortgage rate and compare it to the currently available rate and term options to determine which loan will help you meet your financial objectives.

3) Processing and Underwriting

After you submit all of the application documents, your Mortgage Loan Originator submits them to Processing. The Loan Processor puts all these items together, helps schedule an appraiser to determine the value of the property, and then sends the application to Underwriting

In the Underwriting process, the underwriter reviews all of the documents received from Processing and will determine whether you qualify for the loan. The factors used to establish eligibility include the borrower’s credit report, their ability to make payments on the loan based on their debt-to-income ratio, the value of the property in comparison to the amount being borrowed, and their capital.

When the Underwriter grants approval, a clear-to-close is processed and the settlement date can be scheduled.

4) Closing

The mortgage closing is where all the final paperwork is presented and signed by the borrower(s). Three days prior to closing you will receive your Closing Disclosure, which states your interest rate, monthly payments, and closing costs. If you’ve decided to get cash-out, the closing will also include the disbursement of funds. The Closing can take place in the office of the title company or an attorney. Some closings can be completed electronically.