How The Mortgage Loan Process Works

We know the loan process might seem daunting, at first.
But you can relax... we got this.
The team at JP Mortgage Services will guide you step by step through the process and keep you informed during the process to make sure your loan closes on time!

While loan programs vary, here's what you can expect:
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Let's Talk About It - Give Us A Call

Communication is the key to getting you the very best mortgage, based on your unique situation. We will give you 100% transparent communication from start to finish so you'll know what's happening at all time. Let's get the ball rolling and give us a call at 512-796-3157. Or if you prefer we'll gladly call you.

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Start The Application Process

As with every mortgage will we need to verify some of your basic information. The first part will be your identity (name, address, birth date, etc). We will then take a look at your credit, which will allow our experts to better understand your situation and get you the best pricing!
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Basic Paperwork

You will need to provide the paperwork no matter who does your mortgage. Some of the paperwork we request may not be used. But it is better to have ALL of the paperwork at the start.

For all borrowers (maximum 5 people on a loan):

  • Last 2 years of full 1040 tax returns (all pages).
  • All w-2’s and or 1099 or K-1 last 2 years.
  • If you own a business and it has a 2 year history of tax returns we require the latest 2 years of tax returns (all pages).
  • Latest 1 month of paystubs.
  • Latest 2 months of bank statements. All pages, all accounts.
  • If you have a 401k/retirement/investment accounts the last 3 months of statements or latest quarterly statement. All pages.
  • Copy of valid Texas ID.

Green card if applicable. Copy both sides.

Assets/Money needed

Most important – DO NOT DEPOSIT ANY CASH INTO YOUR ACCOUNT WITHOUT SPEAKING TO US FIRST.           

  • 100% Gifts from family members is allowed, or any portion can be used. Speak to us BEFORE you deposit this money.
  • DO NOT transfer or move any money from your accounts until you speak to us.

    The biggest problem in most loans is not being able to use money that has been deposited incorrectly.

  • From here forward: IMPORTANT!!
    • DO NOT apply for any credit. For every $100/month debt you have, you lose approximately $10,000 worth of house you can purchase.
    • DO NOT co-sign for anyone during this process.

A co-signer can be used if needed.

Auto Approval

We will take your information and run it through the system and get you credit approval.

Once we have the required paper work we will automatically secure credit approval even if you do not have a property chosen.

The results of the AUS or auto underwrite will tell us exactly what is needed to get the loan.

Note: Once you have credit approval, it does not mean you can apply for the credit. Do not buy anything on credit.

Once a contract is signed, the appraisal is ordered the entire file is to underwriting.

Underwriting

Once we complete the previous steps and have reviewed your credit and discussed the best mortgage program for your situation we will start the underwriting verification process. This involves checking your income, debts and assets so that there won't be any surprises when we get to closing.

A property is chosen, a contract is signed and the appraisal is ordered.

All matching  paperwork requested by the auto approval is then submitted to underwriters.

Conditions

Credit approval has already been given through the AUS/Auto underwrite. Matching paperwork with the AUS approval is in the hands of the underwriter.

The underwriter reviews the information and accompanying paperwork and if any other information or clarification is needed, the underwriter grants approval with conditions. Usually the conditions requested are minor. 

Closing - YES!

The big day is here! The whole goal of the process is to make sure closing goes smoothly. Our experts work with the title company to assemble all the paperwork and confirm the total dollar amount needed for the loan.

At least three business days prior to your closing a CD (Closing Disclosure) is issued.

This paperwork puts all of the correct dollar amounts and credits in the right order. This allows you the borrower to know ahead of the closing how much money will be needed down to the exact penny, eliminating any surprise at closing.

START YOUR EASY, NO HASSLE, NO PRESSURE
MORTGAGE PROCESS TODAY!
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Licensed Texas Mortgage Broker #351669
Hours: 9am to 5pm Monday - Friday.
Saturdays by appointment.

11615 Angus Road Suite 227
Austin, TX 78759
Phone: 512-796-3157

Texas Savings and Mortgage Lending

CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENTS WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.


THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENTS WEBSITE AT WWW.SML.TEXAS.GOV.