Our Mortgage Loan Process

Arizona Mortgage Group's loan process is designed to be as quick and convenient as possible. With the exception of signing docs at closing, which takes place at your local title company, the entire process can be done via phone and fax.

If you live in the greater Phoenix area, you're welcome to fill out and drop off forms at our office, however, even most of our local customers prefer the phone/fax option for its convenience. This section explains our mortgage loan process in detail from start to finish.

Note: The loan process explained in this section is our general loan process, which is essentially the same for any loan: purchase, refi, fixed rate, adjustable rate, etc. For information about the general purchase process, please see our Buyers Tutorial. For information about the refi process, please see our Refinance Tutorial.

Overview of Our Loan Process:

  1. Complete our Quick Application

  2. Select a loan with one of our loan originators

  3. Complete a 1003 mortgage loan application

  4. Submit the loan to processing

  5. Address any issues that arise during processing

  6. Sign docs at local title company

Explanation of Our Loan Process

1. Complete our Quick Application

Arizona Mortgage Group's Quick Application is a simple form that collects basic contact information about the borrower. Once you submit this information, it is sent to one of our loan originators.

Note: All our customer information is kept confidential and is never sold or distributed to anyone else. For more info about our privacy policy, click here.

2. Select a loan with one of our loan originators

Once one of our loan originators has received your information, they will call you to help you select the best mortgage loan for your situation. You will be contacted within 1 business day of submitting our Quick Application, so that we can help you get started as quickly as possible.

In order to identify which loan programs you qualify for, your loan originator will ask you for basic information about your job, your debts and assets, and the type of loan you're interested in. This is a quick process that only takes a few minutes.

Your loan originator will then research the loan programs we work with to find the ones that best match what you're looking for. Once they've found several options that are a good match for you, your loan originator will call you and explain the different options. You can then select the loan option you like best. If you want, you can also lock the interest rate on the loan you've chosen at this time.

3. Complete a 1003 mortgage loan application

Once you've selected a loan with your loan originator, then the next step is to complete the 1003 application. The 1003 (pronounced "ten-oh-three") is the standard, four-page mortgage loan application form.

The purpose of the 1003 is to collect complete information about the borrower and co-borrower (if applicable), including employment information and asset/debt information. It also collects information about the property being purchased or refinanced, and the type of mortgage loan being used.

4. Submit the loan to processing

After you have completed the 1003, then your loan officer will collect any additional documents that are required by the selected loan program (W2's, bank statements, pay stubs, etc., which can all be faxed to us) and submit the loan to processing. During processing, the borrower and co-borrower's (if applicable) credit history, employment history and debt/asset values will be verified.

In addition, the property being purchased or refinanced will also have its information verified. To make sure that the property has enough value to secure the mortgage loan (s), the mortgage lender will typically request an appraisal for the property. If the lender request an appraisal, it will need to be completed during processing and before the loan funds.

5. Address any issues that arise during processing

If any issues arise while your mortgage loan is in processing, then the processor (the person responsible for taking the loan through processing) will contact you to help you address them. Typical issues include requests by the mortgage lender for additional asset or debt information.

For instance, a mortgage lender might want to see bank statements that show where a certain amount of money came from and how it was put into an account. It is important to respond promptly to any requests for additional documents. This is especially true if your mortgage rate has been locked or if you want to close by a certain date.

Note: It is also a good idea to refrain from making any major purchases while your mortgage loan is in processing. This is because anything that increases you debt could potentially hold up your loan application.

6. Sign docs at local title company

The last step in the loan process is to sign the final loan documents (or docs). This normally takes place at a local title company in front of a notary public. If you're going to be making a down payment or paying closing costs, then you'll want to bring a cashier's check for the total amount (personal checks are generally not accepted).

It is important to review the documents at this point and make sure that all the information is accurate. Things to look for include: mortgage type, interest rate and closing cost fees. You'll also want to make sure that your name and address (and the co-borrower's name and address if applicable) are accurate.

Once all the mortgage loan documents have been signed, then the loan can close and the loan money will become available. Loans typically close shortly after signing.

Note: For refi and home equity loans, it is required by law that the borrower (and co-borrower if applicable) have three days to review the loan documents before the loan can close.

Calculators

Mortgage Calculator
Our mortgage calculator can calculate principal and interest payments, calculate total monthly payments and display an amortization report.

Refinance Calculator
Our refinance calculator can calculate whether it would save you money to refinance your existing mortgage loan (s).

Local Information

We specialize in loans for borrowers in the greater Phoenix metropolitan area. Click a link below for more information about a particular town:

Scottsdale

Tempe

Chandler

Mesa

Gilbert

Cave Creek