About KeySmart Mortgage Co

We Believe That Getting A Home Loan Shouldn't Be So Difficult

Selective when it comes to picking our lender partners, we understand that all lenders are not the same.

We establish relationships with the very best in the industry. The goal remains the same. To provide outstanding and efficient service and to make the closing process as smooth as possible.

We strive to make the mortgage process as efficient as possible, whether structuring the deal right from the beginning and choosing the right lender and program to limiting the number of files a processor oversees. An overwhelmed and over worked staff delays the lending process.

Team effort, we understand that all deals are not the same and that some deals require special attention to detail because of their complexity. In those scenarios we will use a team approach to get them done as fast as possible.

We have seen a lot of different deals over the years and by working with our great account executives and lenders we can close the most complex deals in a timely manner.

Our Process

Initial Assessment

The first step in getting a mortgage is to work out what kind of mortgage is best for you, how much you can afford to pay and to obtain pre-approval for this loan. In order to find the right type of mortgage, familiarize yourself with the different types of mortgages and find the one that is right for you.

Get Pre-Approved

Most people start looking for properties long before they are pre-approved for a mortgage, and perhaps before they are even thinking of buying a home. But if you’ve followed the steps above, and so have your pre-approval, you’re now ready to begin looking in earnest.

Find a House

Once you’ve found a suitable property, you’ll need to put in an offer on it. Your real estate agent should help you to do this, as different sellers and properties require different sorts of offers.

At this stage, you’ll normally have to put down earnest money, a deposit that indicates you are seriously interested in a property. Typical earnest money deposits are 1% to 2% of the sale price.3 If you close on a property, this money is put towards the down payment.

Make an Offer

Getting A Loan

At this stage, you are ready to apply for a final mortgage. To do this, you’ll need to approach a mortgage lender—most likely the one that gave you pre-approval, but you should also shop around to make sure you get the best deal.

Each mortgage lender will need information in order to give you an offer. They may have some of this information already, but they may need to collect more. But you will also need to give your lender a pack of documents.

See a list of the documents needed:

Employment

Name of current employer, phone, and street address
Length of time at current employer
Position/title
Salary including overtime, bonuses, or commissions

Income

• Two years of W-2s

• Profit & Loss statement if self

employed

• Pensions, Social Security

• Public assistance

• Child support

• Alimony

Assets

• Bank accounts

• Real property

• Investments

• Proceeds from the sale of the

current home

• Gifted funds from relatives (e.g.

down payment gift for FHA loan)

Debts

• Current mortgage

• Liens

• Alimony

• Child support

• Car loans

• Credit cards

• Real property

Property Information

• Street address

• Expected sales price

• Type of home (single-family residence, condo, etc.)

• Size of property

• Real estate taxes (annual)

• Homeowner’s association dues (HOA)

• Estimated closing date

Credit History

Be prepared to explain any missteps in your financial background. It’s good to have dates, amounts, and causes for any of the following:

• Bankruptcies

• Collections

• Foreclosures

• Delinquencies

Apply For A Mortgage

The next step is for the lenders you've approached to pull together all the information you’ve provided into a loan estimate. A loan estimate is a three-page form that presents home loan information in an easy-to-read format, complete with explanations. This standardization not only makes the information easy to digest; it also makes it easy to compare offers among lenders to see which one is offering you the best deal.

You’ll get a loan estimate within three business days of applying for a mortgage unless you don’t meet the lender’s basic qualifications and your application is rejected. If that happens, the lender must give you a written notice within 30 days stating why your application was rejected. The only fee you may have to pay to get a loan estimate is a credit report fee.

When you receive a loan estimate, it’s valid for 10 business days. If you want to accept a loan offer, try to do it within that time frame; the lender may change the terms and issue a new loan estimate if you take more time to decide.

Complete Loan Processing

The next stage is for your application to be assessed by underwriters.

Though you are unlikely to deal with them directly, mortgage underwriters are actually the key decision-makers in the mortgage approval process and are the people who will give final approval for your mortgage.

Underwriters will check every aspect of your mortgage application and carry out a number of other steps. For instance, borrowers are required to have an appraisal conducted on any property they take out a mortgage against. The underwriter orders this appraisal and uses it to determine if the funds from the sale of the property are enough to cover the amount you will be lent in your mortgage.

Once underwriters have assessed your application, they will give you, their decision. This will either be to accept the loan as it is proposed, reject it, or approve it with conditions. Your mortgage might be approved, for instance, on the condition that you supply more information about your credit history.

If your application is approved, you will then lock in your interest rate with your lender. This is the final interest rate you will pay for the remainder of your mortgage term.

Underwriting Process

Final Steps

Close on the Property

Three-Day Review Period* (*Refinances Only)

Final Walk-Through