At Oceanside Mortgage, we believe in providing all of our potential borrowers clear and unbiased advice. We strive to place all borrowers in the loan that makes the most sense for their situation. We offer a low-pressure process where you will be presented with your options in a clear and concise loan summary sheet. In most instances, we can determine the best program for you and calculate your potential savings in as little as 5 minutes. Our loan advisors are here to meet your needs. We offer phone, email, chat, and text messaging options so you can communicate with us as easily as possible. Our office is open each day from 8:00 am to 9:00 pm so that we can work around your busy schedule.
Once you have decided on your loan terms, it is time to apply for your new loan. We offer multiple methods to apply. Most borrowers prefer to receive their application via our secure eSignature platform, but we also can send you an application via overnight delivery or even send a notary public to your home to sign your application.
If you decide to eSign your application, the process typically takes 5 to 30 minutes. It usually takes about 24 hours to locate a Notary. The Notary will come to your home or other location of your choosing. The application process with the notary typically takes 20 to 40 minutes.
As part of the application process, we will collect some basic documentation from you. If you are missing any documentation, please do not worry. We can help you obtain the missing items. Typically, we will need:
- A copy of your Photo ID
- Proof of Social Security Number (SS Card, W-2, SSA-89 form)
- A copy of your Homeowner’s Insurance Declarations Page
- A Copy of your previous Note
- A Recent Mortgage Statement
- Homeowners Association Information (If Applicable)
- A Utility Bill
If you are applying for a Purchase, Cash-Out Refinance, or Rate and Term Refinance, you will also need:
- 30 Day’s Paystubs
- 2 Year’s W-2s
- Purchase Contract
Our team of loan processors will begin working on your loan file. During this phase of the process, a loan processor will be assigned to your loan file. The loan processor will prepare your loan file for underwriting. The processor’s job is to work closely with you and your Loan Officer to get your loan approved.
It typically takes between 1 and 5 days to submit your loan to underwriting. This is dependent on how much documentation we need from you. We will also be providing you access to our secure loan portal if you have not yet accessed it. The secure portal will provide you with a way to upload loan documentation as well as track your loan status in real-time. You can also view any outstanding conditions or documentation for your loan.
Your loan will be submitted to our underwriting department for approval. During this phase of the loan process, an underwriter will carefully review your documentation to ensure your loan meets all guidelines. In most instances, your loan will be approved subject to conditions. Once approved, your loan officer or loan processor will reach out letting you know what we need from you.
We estimate that the loan approval process will take between 1 and 5 days. This timeline varies based on a number of factors including the complexity of your loan file and the number of files awaiting approval.
Your file will next move to our closing department. At this stage of the process, we will review the title to your property, verify your taxes and insurance and perform a final quality check on your loan. This is the last stage of review before we can schedule your loan to close. This part of the process typically takes about a day.
Once the closing review is complete, we will be ready to schedule your closing. The closing should take between 30 and 60 minutes and can be conducted at your home or another location of your choice. We typically need at least 24 hours’ notice to find a closing agent to conduct your closing. Closing agents are available between 8:00 AM and 9:00 PM, 7 days per week. Prior to your closing, your loan officer will review your Final Closing Disclosure. The Final Closing Disclosure itemizes the details of your transaction.