The Mortgage Process

• Application
• Automated Approval
• Processing
• Final Approval
• Closing

Application
Application can be made over the phone, in person or on line. Provide detailed information about your annual income, current assets and liabilities and property value. Select a loan product.

Automated Approval
Your initial application will be submitted electronically to FNMA or FHLMC for preliminary approval and findings are produced within minutes.

Processing
Internal processing of your loan takes place at Chicago Financial Services. We collect the necessary information that an underwriter needs to review your completed file. Bank statements, pay stubs, W2’s or tax returns, title commitment, appraisal, flood certificates and other important items are provided to the underwriter for final approval.

Final Approval
The underwriter reviews and validates the information that FNMA or FHLMC has electronically requested and issues a final approval.

Closing
A closing is scheduled with a Title company. At this time the legal documents are signed by borrower which creates an obligation to repay the loan. In a purchase transaction, the seller conveys ownership to the buyer with a deed. An attorney is recommended to assist in the review and explanation of legal documents. For your convenience, CFS is able to schedule refinances at your home or office.