Mortgage Loan Process

At Cincinnatus it is our goal to close your loan in a timely manner after we receive your application. Fortunately, most real estate transactions especially home purchases allow 30 to 60 days in order to close the transaction, which is usually adequate time for Cincinnatus to approve and close your loan. However; it is important to apply for your loan as soon as possible. Unusual circumstances can arise on a seemingly simple transaction, with adequate time, most issues can usually be corrected and the closing can go forward on time.

The basic steps we take in processing a mortgage loan are listed below along with a brief description of each. Our goal is to keep you informed all along the process and to answer any questions that you have before, during and after your loan closes.

Application - Cincinnatus is required to collect the following six (6) items to have a complete Application: name, S.S. no., property address, monthly income, house value or best estimate, loan amount sought. (Additional information may be asked for while processing). Cincinnatus may not ask for any fees upfront until application is complete except a standard fee for your credit report. See detailed application checklist.

Verification - all the above information is confirmed and any discrepancies in the information provided are reviewed so we have an accurate picture of the applicant and the mortgage transaction being considered.

Preliminary Review- the verified information is reviewed to be sure the applicant and the mortgage transaction meet all the Cincinnatus underwriting guidelines.

Appraisal - The appraisal is ordered to determine the market value of the home. It generally takes about 7-14 days after ordering the appraisal for the report to be submitted to Cincinnatus.

Title Search - Our attorney checks the title to be sure it is marketable and makes sure all the outstanding liens will be paid at closing.

Final Approval - if the appraisal report and the title search are satisfactory, the loan is reviewed by underwriting and the Loan Committee for formal approval.

Closing - A time for closing is scheduled, Cincinnatus makes every effort to accommodate your schedule.