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How to Get a Loan

Once you select us to obtain your home loan, you'll be amazed at how quickly and simply the loan process moves.  We trust you’ll be pleased with your new mortgage and our assistance and service in providing it to you.

We will update you proactively throughout your loan transaction. Please do not hesitate to call or e-mail us with questions or any new information when appropriate.

Here's an overview of the loan process:

STEP ONE -- Loan Application. Getting started is easy!

You can complete an application by phone or in person.

Please select “Mortgage Checklist” located on the left side of our website’s home page for a short list of items needed to complete your application. We can also email you this list if you prefer.

Typically, we complete your application over the phone, pull your credit report, and submit for your automated approval usually all within 24-48 hours. We then mail your application package to you via UPS next-day delivery with a prepaid UPS next-day return package enclosed. We welcome a meeting at our office if you prefer to meet in person to review your paperwork.

STEP TWO -- Loan Processing

Once you’ve signed your application and disclosures, enclosed the documentation requested in your cover letter enclosed in your package, and returned your application package to us, we typically order your appraisal, notify your closing agent that they will be handling your closing, and obtain your formal approval.

At your earliest opportunity, please provide us with the name and contact information for your closing agent (attorney or title and escrow company) and your homeowner’s insurance agent. This information will be requested in your cover letter enclosed in your package. We will be happy to provide you with suggestions should you request a referral.

Please note it is customary to collect credit report fee upfront and appraisal fee prior to or at closing since these companies bill lenders upon completion of their work which is usually well before your loan closes. The exact amount will be included in your cover letter enclosed in your package.

STEP THREE -- Loan Approval

We will contact you once we receive your loan approval and will review any conditions needed to clear your loan for closing. Approval conditions (such as updated bank statement, paystub, etc.) are typical. Upon request, please provide these items to us as soon as possible to help facilitate a smooth, quick closing.

STEP FOUR -- Loan Funding

Your closing package will be forwarded to your closing agent typically the day before closing.

Contact your closing agent the afternoon of the day before closing or the morning of the day of closing. They should have available (depending on what time they received your closing package from the lender) the exact amount of funds needed to close. The closing agent will instruct you how to draft your cashier’s check (i.e. firm name and amount). You will sign your closing documents at their office.

We will call you the day of closing to review your settlement statement with you upfront before your closing to ensure the numbers are accurate.

Straightforward, efficient, and fast!


Bay Mortgage, LLC
One Columbus Center, Suite 600, Virginia Beach, VA  23462
Office:  (757) 410-9963
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