BMC Mortgage understands that, for many, the loan approval process can be intimidating and confusing. Our loan experts will be at your disposal throughout the process to answer any questions and concerns you might have. You will find a step by step overview of the BMC Mortgage approval process below. This overview should answer the more basic questions you might have but please feel free to contact one of our loan experts should you have any additional questions or concerns not addressed here.

Step One
The first step to getting a loan approval is to submit an application. Once this important task is completed, a BMC Mortgage loan expert will contact you to obtain additional information regarding your loan needs. We want to make sure that we have a clear understanding of what your financial goals are which will allow us to better assist you in achieving them.

Step Two
Once we have collected this information, we will perform a complete credit analysis to determine how to best match one of our loan programs to your needs. We will also analyze your income to ensure that you can qualify for the loan amount you've requested. Once these important tasks have been completed, we will contact you to discuss the various options available to you as a borrower.

Step Three
Once you decide which program works best for you, we will begin asking for various types of documentation to verify the information you have provided to us regarding the following items:

· Income level and Careers history
· Liabilities or current debt amounts
· Assets, source of funds to close, and source of your down payment, if any

We cannot stress enough the importance of providing the requested documentation as quickly as possible. Speed is of the essence and will assist us in helping you maintain the rate and program you have been quoted. It is also important to note that even though we will be asking for documentation at this point in the loan process, it is very likely that we may ask a second or maybe even a third time for additional documents or information that may be specifically required for your particular situation or to further verify the information you have given previously.

BMC Mortgage will be simultaneously preparing the loan documents we need to provide to you for your signature. The two methods listed below describe how you will receive your loan documents and how we will collect your required documents.

If you live near one of our three Texas locations:
You can visit our office to bring in the necessary documentation we will have requested of you and to sign your loan documents. Contact your loan officer to set up a convenient time.

If you live outside of our local area or in another state:
Your documents will be either mailed to you with highlighted areas that need your signature, or they will be e-mailed to you for you to print, sign, and return to us.

Many of the documents we require can be faxed or emailed to our offices while others will need to be originals and/or have original signatures. We will let you know what the acceptable methods are for receiving the various documents we will need. Once we have all of the documents we've requested from you, and we've received the signed copies of the documents we sent to your loan is now ready for outside verifications in our processing department.

Step Four
The BMC Mortgage Processing Department ensures that all outside verifications are completed. These verifications entail the gathering of information that our borrowers may be unable to provide such as:

· Appraisals, which determines the market value of the subject property
· Surveys, which lay out the location of property lines or the area of ownership
· Title Information, which demonstrates the recorded ownership history of a property

Once the file has been compiled and contains all of the required information, verifications, and documentation required for meeting the guidelines of your loan program, it is now ready for submission to our underwriter.

Step Five
The underwriter not only verifies that the information in your file is accurate but that it also meets the requirement of the loan program you've selected, much like your BMC Mortgage loan expert. The difference between a loan expert and an underwriter is that the underwriter will be the individual to actually approve or deny your loan.

Once your loan receives an approval, it may be a conditional. A conditional approval requires further documentation to receive a full approval. This goes back to the item mentioned above regarding the fact that we may ask for additional information on several occasions to further verify information. We ask that you be patient and cooperative with us and understand that this is a routine part of the loan process.

Step Six
Congratulations! You are approved! We will contact you to schedule your loan closing date. This event is also known as your settlement date. You will go to the closing agent's location stated on your purchase contract or in the case of a refinance, an agent of your choosing.

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