• Applying Online
  The first step in obtaining the financing you need to purchase or refinance your home is to complete our easy and secure online application. You can apply for a loan online at your convenience: 24 hours a day, 7 days a week, or contact us by phone at our toll-free number to speak with our friendly customer service staff.

  Upon receipt of your application, a preliminary credit report will be run at no cost to you to determine which loan may best suit your needs. A customer service representative will contact you within 48 hours with your credit approval and will review with you your various program options. We will then send you a loan package containing a checklist of required items and all the forms necessary to process your loan. Some possible items which may be needed are:

  • W2 forms, paystubs and tax returns for 2 most recent years
  • Purchase contract (if applicable)
  • Bank statements for most recent 3 months
  • Mortgage statements and/or rental information
  • Proof of source of funds for down payment
    
    
  Forms and Contract to download
  
  • Copy of Appraisal Report
  • Authorization to Release Information
  • Loan Request Checklist
  • Loan Request Checklist Spanish Version
  • Uniform Residential Loan Application
  
  
  
  

• Ordering An Appraisal
  After receiving a credit approval, it is necessary to order an appraisal of your home or the house you plan to buy. GNM will arrange for a licensed, professional appraiser to contact you in order to evaluate the market value of the property. All appraisal fees are to be paid by you directly to the appraiser at the time of inspection with the exception of most purchase loans which are paid directly to GNM and are subsequently forwarded to the appraiser. If a more detailed credit report is required for your specific loan program and you are purchasing a home, we may request that you forward payment for this to GNM along with your appraisal fee at this time.

  An escrow account will be opened with an escrow company near you at this stage in the process and a preliminary title report will be ordered. Your escrow officer is a neutral third-party who assists in the transaction by managing all funds and handling the signing of loan documents. The title search is necessary to uncover any liens or legal claims on the property.

• Underwriting
  Upon receipt of the appraisal, title report and your completed loan package, your file is submitted to an underwriter for final approval. The underwriter will review your paperwork at that time and notify your loan processor of any additional items required. If your loan requires mortgage insurance (for loan amounts of 80% or more of the appraised value of the home), the underwriter may submit the file to the mortgage insurer for their approval at this time as well. You may check the status of your loan online at any time by accessing the Loan Status section of our website. When all items are received and signed off by the underwriter, the file will be issued a final approval and will be cleared for ordering loan documents.

• Signing Loan Documents
  All loan documents will be sent to your escrow company and your escrow officer will set an appointment to carefully explain all of the documents to you and to walk you through the signing process. Your escrow company is the liaison with GNM and will answer any questions you may have about your loan. Once completed, your escrow officer will then forward the executed documents to us.

• Funding
  Once the signed loan documents are received by our office (usually the day after signing), they are checked in and reviewed, and the loan is set to fund. (Note: Most refinance loans have a legal waiting period of three business days before the loan can fund.) At that time the funds are wired to the escrow company where your escrow officer disburses them accordingly and completes a settlement statement outlining the financial aspects of the loan. The escrow company then records the mortgage and deed with the local county clerk's office. After the loan has recorded, you will receive either the keys to your home (if a purchase) or any funds due to you (if a refinance). The process, as well as the loan, is now officially closed.

How Much Can I Afford?

Confused about how much you can borrow? The general guidelines for the lending industry specify that your monthly mortgage payment should be no more than 28% of your gross monthly income and your total monthly debt should be no more than 36% of your gross monthly income. Every situation is different, however, and the guidelines are somewhat flexible depending on the loan program.

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