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What To Expect When Financing A Home

You can think about the loan process like home construction. 

Blueprint/Foundation:

First, you complete the loan application. The loan application is the blueprint that builds the foundation of the loan, and much like a foundation of a home, accuracy is critical.


Framework/Electric/Plumbing:

Next, you work with a loan processor to gather all the documentation that supports the information provided in the loan application. Documentation is the framework, electric wires, and plumbing, which gives the loan structure and reflects the new home's inner workings.

Walls/Roof/Paint:

Then, your loan will go to underwriting. The underwriter will review the documentation provided, verify the information via third-party sources available, and validate the data to comply with industry regulations depending on the loan type. Think of this as the construction of the exterior walls and roof of a home.

Fixture Installation/Finishing:

After that, there is a collaboration between the loan processor and the underwriter that dispositions the loan. During this step, the underwriter may request clarification of information, and you may need to provide additional documentation or letters of explanation. Think of this step as the finishing work, fixtures, and details that complete the home. It is gathering the details that take the extra effort.

Final Home Inspection/Walkthrough:

Finally, you will get to the final step in the process, clear to close and closing. Think of it as the final inspection and walkthrough before the loan closing.


For more information about what to expect when financing a home, visit our Borrower's Resource page.

1. Application

Your loan originator will ask various questions relating to income, available assets and monthly expenditures like car payments, credit card debt and other debts. Together you will complete a mortgage loan application and run a credit check.

2. Documentation

Your loan processor will ask for documentation that verifies the information provided on your loan application.

3. Underwriting/Verification

Your loan processor sends the loan application and supporting documentation to the lender. An underwriter will review and verify all the information provided, the lender conducts their own due diligence which includes a search of public records.

4. Loan Disposition and Conditions

The underwriter will issue a conditional loan approval and will request additional documentation to support the information provided. This may include letters of explanation to further clarify information in the loan file.

5. Clear To Close

A few days prior to closing, your income and employment are verified one last time. You may be asked to provide some last-minute documentation.

Loan Processing At A Glance

Click on the icon to learn more about each step in the process.

About Saleztrax


For Borrowers

We are your partner in navigating through the process of obtaining a mortgage loan. Our mortgage loan processing team will guide you through each step, answering questions and clarifying information. We are your advocate to ensure you reach the finish line of the mortgage loan closing and the dream of homeownership, on schedule!

For Mortgage Loan Originators

Saleztrax Mortgage Processing was developed with YOU, the originator, in mind! The process of obtaining a home mortgage in today's environment can be complex for the consumer. As a third-party contract processor, we work closely with your clients to get the required documentation to reach our shared goal of loan closing. Our commitment to customer service will allow you the opportunity to share your expertise in advising and assisting your clients!


Collectively our staff has over 150 years of mortgage loan processing experience. Our solid reputation and industry contacts prove to be a significant benefit to our clients.

We will work closely with our origination partners and consumers to ensure the process is smooth and efficient. We know our success depends on a successful closing experience. 

PARTNERING WITH SALEZTRAX

Services For Mortgage Loan Originators


PROCESSING SERVICES

As an MLO, you want to dedicate your time to counseling your client on the best loan options available for their financial situation and to reach their goals. Our expertise lies in handling the documentation and loan processing. Learn more about our mortgage processing services.

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TECHNOLOGY

Saleztrax utilizes state-of-the-art Artificial Intelligence and  Process Automation, working in a digital mortgage environment for maximum security and efficiency. Consumers and Originators are provided with a secure portal, protected logins, and a secure email address to provide documentation.

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FEES & TERMS

Fees are collected at closing, and Saleztrax waives the processing fee on transactions that do not close.


Fees are determined by loan type, and Saleztrax receives payment at closing.

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COMMUNICATION

Each Consumer and Originator will have a dedicated loan processor for their transaction who will maintain constant communication via email during the process. Since the requirements of documentation are so specific, it's important to communicate the details in writing.

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What Borrowers Need To Know


  • Communication is KEY! Respond quickly to all requests for documentation or information.


  • Respond to all E-Sign requests from the lender immediately to avoid delays in the process.


  • Refrain from making any changes to your current financial position. if a change is unavoidable, please review with your originator and loan processor. 


  • Always provide ALL Pages of any documentation requested, even if the page is blank.


  • Do not alter documents with white out or redactions.


  • Always call if you are unsure or have a question. We are here to help!
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