What to Expect
We've built the most convenient home loan service ever!
Here's what you can expect during a mortgage process with us:
Our easy online application will walk you through everything.
When you apply online for a Quorum mortgage, you’ll need at minimum the following information in addition to your personal identification:
- Loan amount
- Estimated value/purchase price
- Your income and asset information
- Your monthly obligations
A Loan Officer will be assigned to you.
We will email you to confirm receipt of your application. A Loan Officer will call you within 2 days to review your application and verify the information you provided. We will also discuss:
- Our loan products
- Loan scenarios
- Your credit report
- Rate lock process
- Closing costs (Good Faith Estimate)
- Loan process
Your loan enters our approval process.
Your application will be reviewed by the Mortgage Underwriter for approval. Upon approval, we will send you the following documents and review them with you:
- Mortgage Commitment letter
- Loan conditions
- Disclosures (Good Faith Estimate, Truth-In-Lending)
Rate Lock and Fees
Lock in your rate. Pay the application and appraisal fees.
When you’re ready to lock in a rate, you will be required to pay the application & appraisal fees, which can be debited from your Quorum account or a Mastercard/Visa credit card.
Click here to view our fee schedule.
Your loan is being prepared for closing.
Your loan is in process. A Loan Processor will assist you with clearing your loan conditions. The Loan Processor will order the Appraisal. Our appraisal vendor will contact you to schedule an appraisal.
Satisfy your loan conditions.
You’ll need to provide the following documents to satisfy your loan conditions. Don’t worry, we’ll help you through this:
- Income documents
- Home owners insurance (HOI)
- Title (if applicable)
- Contract of sale (if applicable)
- Verification of gift funds (if applicable)
You're ready to close!
Once your loan conditions are met, we’ll call you to schedule a closing date. You will receive a copy of the preliminary HUD-1 for review and to make necessary arrangement for the funds required for closing. You have the option of bringing a certified check or wire transfer funds from Quorum to the closing.