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The Mortgage Loan Process

Our goal is to help you find a mortgage that fits your needs perfectly!

How you can get the best possible mortgage?
Before you apply for a mortgage, consult with New Generations. We talk with you and listen to what you’re looking to accomplish. After taking your unique situation into account, we present all the mortgage options available to you, whether you’re a first-time homebuyer or wanting to refinance your existing mortgage. At New Generations we are never looking to fit you into a mortgage product, rather, we want to find out what your needs are and look for the product that is the best fit for your current situation.

Advantages of working with our experienced loan professionals
In today’s environment especially, mortgage rates, products, and regulations are changing constantly. Keeping up with it all on your own would be a daunting task. You’ll find it very comforting to have your own personal industry expert to help you.

Some other advantages to having your own personal loan professional working for you:

  • They can size up your financial situation and make recommendations that can save you money every month.
  • They have a network of industry referral partners, such as builders, remodelers, Realtors® and financial planners, should you need one.


The Mortgage Loan Process

Whether you’re purchasing a home or refinancing your current one, here are the steps involved:

Step 1: Loan Application
As described above, the key to the loan application process going smoothly is us getting together initially for a consultation. At that time, we will obtain all pertinent documents so unnecessary problems and delays can be avoided. Call Cindy Frederick today at 804.359.8754, ext. 3007 to find out how to get started.

Step 2: Loan Submission
Once we have discussed loan options and picked the best product to fit your needs and goals, we will submit your file to our underwriters for approval.

Step 3: Loan Approval
Loan approval generally takes anywhere from 24 to 72 hours. All parties are notified of the approval and any remaining loan conditions that must be cleared before the loan can close.

Step 4: Documents Drawn
Approximately 1-3 days prior to your closing date, the loan documents (including the note and deed of trust) are completed and sent to the attorney or title company. The escrow officer will make an appointment for you to come in and sign the final documents. (Home purchasers: you will be told at this time how much money you will need to close the loan. Payment must be made in the form of a cashier’s check at closing.)

Step 5: Closing
This is where all loan documents are signed by all necessary parties, and all necessary payments are made. One to two days before closing, we will contact you to review everything related to your home purchase or refinance, to ensure a smooth and satisfying transaction takes place at the closing table.

Step 6: Funding
Once all parties have signed the loan documents, they are returned to New Generations who reviews the package. If all forms have been properly executed, a check is issued to fund the loan.

Step 7: Recording the Loan
Upon receipt of the loan funds, the attorney or title company will record the legal documents necessary for the new loan. (Home purchasers: at this time the property will be transferred into your name. At the same time, the deed of trust is recorded to show the new loan on the property.) Escrow is now officially closed.


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New Generations is a Member-Owned Financial Cooperative serving Richmond since 1950
Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government.
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