Residential Mortgage Process
Our Residential Mortgage Process
- This is the initial consultation.
- For the discovery call to take place, you will be asked to schedule a call with one of our Branch Managers to discuss your mortgage needs.
- Based on the information you provide, the Branch Manager will curate a custom solution in order to fit your needs and circumstances.
- Once you have received all the information needed and you feel comfortable moving forward, the Branch Manager will send you an email invitation to our borrower portal.
A Pre-Approval letter has been executed for the client and shared with the client’s realtor.
- It is an enhanced borrower summary that includes, but is not limited to:
- Escrow Accounts
- Confirmation of accuracy of client’s information
- Confirmation of desired loan amount
- Ordering of Credit as part of the borrower summary while the client is on the phone
- Based on the credit report received, potential red flags (e.g. inquiries, precious addresses, name variations, employment gaps and so forth) found will be reviewed with the client
- Verification of additional information such as:
- Income and Assets
- Employers Phone number added
- Additional Properties – any other properties in your name? Title?
- Assets – Down Payments? Reserves? Gift?
- Once the Branch Manager has gathered all of the needed information, the client will receive an email invitation to our borrower portal where they will find the task needed to be completed in order to move forward in the loan process
- The BM’s Loan assistant will work with the client to provide guidance and assistance with the borrower portal, as well as with the completion of task
Complete tasks in your borrower portal by providing the required information and documentation.
At this stage your Branch Manager will be reaching out to you to go over your application.
Sign application in borrower portal
- Your file was submitted to the Lender for initial approval.
- Lender response time is approximately 3-5 business days.
- Expect to receive a Lender package via email that will require your signature
- Lender has approved your file, but requires additional documentation to move forward
- Additional conditions will be posted as tasks in your borrower portal
- You will need to complete said tasks in order for us to move forward in the loan process
- Upon completion of tasks, your additional documentation is submitted to the lender for final approval
- Lender response time is approximately 3-5 business days
NOTE: Steps 8 and 9 may be repetitive depending on the Lender. After the submission of your additional conditions, the Lender may come back requesting more documentation.
At this stage the Lender has approved your loan and your Branch Manager will be reaching out to you to schedule your closing and go over closing details.
- Your loan has been sent to the Title company
- Your Branch Manager will contact you to go over the final closing numbers.
CONGRATULATIONS, your loan has been funded successfully!
The Next Step
Now that you have completed the mortgage process, now it’s time to convert your mortgage loan to Islamic Financing. At PPG Islamic Financing we follow the Ijara Process where the Trust purchases the property and the client rents the property from the Trust. Each month the client is required to make set monthly rent payments. With each payment made, the client’s equity in the property increases.
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