GMFS Mortgage Home Loan Process

Refinance Process  |  CFPB Resources  |  Construction & Renovation  |  Educational Resources  |  Get Started

Home Purchase Process

1. Work with a GMFS Mortgage Loan Officer to get Prequalified, Start an Application or Request a Free Consultation
2. Partner with a Realtor to search for your dream home armed with a prequalification letter or preapproval letter from GMFS Mortgage
3. Get contract on home to be purchased
4. Contact Your GMFS Mortgage Loan Officer to start loan process
   • Provide the purchase property address
   • Provide Requested Documents online, on your phone and in person at one of our branches
   • Lock loan terms – GMFS Mortgage will  provide you a Loan Estimate (LE) form
   • GMFS Mortgage reviews & verifies provided documents
5. Home appraised by certified third party appraiser to determine collateral value of the property
6. GMFS Mortgage reviews loan with appraised value in mind
7. GMFS Mortgage approves loan and declares loan is “Cleared to Close”
8. Closing date is scheduled with typical attendees including borrowers, realtors, title company and attorney (Lenders are not required to attend as they typically have multiple customers closing on the same day).
   • You will be provided a Closing Disclosure (CD) form prior to the actual Closing date
   • During the Closing, the final documents are signed and all closing costs are paid–which then makes you the official owner of the home!

Refinance Process

Work with a GMFS Mortgage Loan Officer to determine if refinancing your mortgage is right for your goals

1. Provide Requested Documents
2. Lock Loan Terms – you will be provided a Loan Estimate (LE) form
3. Review & Verification of Provided Documents
4. Home Appraisal
5. Loan Reviewed and Approved
6. Closing Scheduled
7. You will be provided a Closing Disclosure (CD) form

Resources from the Consumer Financial Protection Bureau (CFPB)

•  “Your Home Loan Toolkit” This CFPB booklet takes you from budgeting to closing with worksheets, checklists, and conversation starters. Note: All home purchase mortgage applicants get a copy.
• Sample Loan Estimate (LE) document CFPB explains how this standard, required form, provided by your lender makes it easier to compare loan offers.
• Sample Closing Disclosure (CD) document CFPB explains how this standard, required form, provided by your lender helps avoid surprises at closing.
• Additional home financing resources available at CFPB’s “Know Before You Owe” site