The Mortgage Process


Timely and accurate completion of the application will often expedite the process. So please make sure to gather all the pertinent documents before you apply for a mortgage, otherwise it will delay the process.


Every loan is different and so is the time it takes to complete the loan process.  But the stages which each loan will go through are the same. 


 Once you apply for a loan, the application will be sent to a loan processor.  Often the processor will be our source for the status of the loan.  The processor will gather the necessary documents in order to support your request for a loan, including verifications of employment, verification of deposit, verification of mortgage, etc.  Processing time varies based on the type of loan and the timely collection of the required documents. 

Appraisal - An appraiser will be selected to render an opinion of the estimated value for the property.

Credit Verification - A credit report will be run to determine your debts and payment history.  

Income Verification – Your employer will be asked to verify your income and length of time on the job.

Asset Verification – The lender will request that all your liquid assets be verified and  that you have sufficient funds for the loan transaction.

Previous Housing Verification – Your current lending institution or landlord will be asked to verify your payment history.


After the processing steps are completed, your application will be given to an underwriter for review.  The underwriter will carefully study your application and will render an opinion based on your financial situation and established lenders' guidelines.  The underwriter will assess two main factors: 1) the ability and willingness of the borrower (you) to repay the debt and  2) the property’s ability to serve as collateral for the debt.


Closing a loan is the process of signing and delivering all documents required by the lender; disbursing the mortgage funds and recording mortgage instruments.  At this point the buyer and seller exchange the property keys.

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Fairbank Realty Group

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Fairbank Realty Group is approved with several different lenders including lenders that can do loans for international buyers. By being approved with different lenders you have more choices when it comes to mortgage rates and mortgage terms.

 Tel: 415/491-4880

FICO Score range and meaning:

Credit Score Chart & Range

760-850 Excellent

700-759 Very Good

660-699 Good

620-659 Fair

580-619 Poor

500-579 Very Poor

Mortgage Center:

The most important thing to do before starting your search for your new house is to get pre-approved for a mortgage; this will help you to know what the limit is for your mortgage amount, down payment as well as monthly payment. 

Once you submit your loan application to the lender, if approved the lender will issue a pre-approval letter which will not include the following payments: Property tax, Home insurance , Home owner association, so you may want to take those payments into consideration before you start looking for a property.

Once pre approved you can start your house search, the pre-approval letter will help you increase your chances that the offer you present to  buy the property will be accepted given that the seller will know that you are serious about buying the property.

A good thing to know are your ratios; lenders use them to determine your purchasing power.

Most lenders use a ratio of 38/45 meaning if you combine all your monthly liabilities not counting utilities and add them to your proposed mortgage payment plus monthly property taxes, home insurance Home Owners Associations (If applicable) and in some cases mortgage insurance (If applicable).

I will need the following documents in order to submit your loan application:

  • Last two months bank statements (All applicants and all the pages)
  • Last two months paystubs (All applicants and all the pages)
  • Last two years income tax returns including any W2 and 1099 forms (All applicants and all the pages)
  • Copy of the business license (Only If applicable to your particular case)
  • Social security income award letter  (Only If applicable to your particular case)
  • Divorce decree  (Only If applicable to your particular case)
  • Bankruptcy discharge  (Only If applicable to your particular case)
  • Foster care income documentation  (Only If applicable to your particular case)
  • Copy of the mortgage statement (All applicants and all the pages)
  • Copy of the property tax bill (All applicants and all the pages)
  • Copy of the home insurance (All applicants and all the pages)
  • Unemployment letter (Only If applicable to your particular case)
  • Copy of resident alien card (If United States legal resident)
  • Copy of passport (If United States Citizen)