The DNJ Loan Application Process

Step 1: Getting Prepared

Your loan approval process begins with a completed loan application. Fill the application out as completely as possible but don’t worry if you miss something. You can us by phone at 919.459.6565.

Also, you may want to use our online application checklist in order to begin gathering the needed supporting documents.

Step 2: Loan Analysis With Your Loan Officer

You meet with your DNJ loan officer so s/he can learn more about your specific goals and situation. You will be provided mortgage loan options and an explanation of the trade-offs among loan choices so you can make an informed decision as to which option is best for your situation.

Step 3: Making Application

After you have decided which loan is best, you and your loan officer will complete the loan application and then review the disclosures. You (and your co-borrower) will sign the application and disclosures. At that time, DNJ Mortgage will collect the required loan documentation supporting your income, assets, liabilities and property.

Step 4: Loan Processing

Next, we organize the paperwork to submit for initial approval. An attorney is selected and the title work ordered. A home appraisal is ordered. Typically the appraisal is completed 5 days after the appraiser sees the home.

Step 5: Loan Underwriting

Your loan application will now be assigned to a DNJ credit analyst who will review all the information and issue a decision on the file. The initial loan approval is typically accompanied by a request for additional information. The items requested are called approval conditions.

Step 6: Clearing Conditions

Conditions can vary from routine to very significant. A fast response for the borrower and loan officer is needed to gain the final approval within the rate lock time period.

Step 7: Final Approval and Closing Document Preparation

The credit analyst reviews the conditions and if all is satisfactory then a “Clear to Close” is issued. The final loan documents are now prepared including the note, deed of trust and disclosures. All this is sent to the attorney who prepares the HUD-1 statement which shows the funds to close.

Step 8: Loan Funding

DNJ will arrange to have the funds deposited to the designated attorney’s trust account. The attorney will disburse the funds to all the parties involved. Congratulations! Your loan has closed!

Start Your Mortgage Application Today!

Ready to start DNJ’s loan application process? Apply today! With loan offices in Raleigh,Greenville, and Wilmington, DNJ is proud to serve homeowners and home buyers across North Carolina. We also offer mortgages in South Carolina, Virginia, Maryland, Georgia and Florida.