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Our Seven Stage Process

Each mortgage will follow the same process listed below.

When you apply with Bond Street Mortgage you will know exactly which stage your application is in by logging into your account.  If you need a logon, contact your Loan Officer.

Stage 1 - Loan Application Started: Process by which borrower’s personal information is entered into our computers to obtain credit standing, monthly income totals, monthly expenses, available assets and living/employment history. 
 
Stage 2 - Loan Application is Pre-Qualified: (On purchase transactions, a pre-approval letter may be issued.) Available mortgage products and loan parameters are determined based on all of the information is obtained. 
 
During this stage:
1.      Pricing options are reviewed.Once information is reviewed various mortgage options will be presented. Requested mortgage programs and a range of rates will be presented for comparison so the borrower can determine their comfort ability with each differing option.
2.      Application Kit is sent. A loan packet will be emailed via secured email or shipped overnight within 3 days. This loan packet will include all necessary disclosure documentation needed for compliance with current mortgage banking guidelines. This packet is to be signed and sent back to Bond Street Mortgage, LLC within 10 days.
3.      Appraisal, Title & Personal Documentation. A full interior and exterior appraisal and a title report will be ordered upon receipt of the signed loan packet and credit card authorization form. All necessary documentation needed to verify income, assets, employment, living history, etc, will be collected at this point and processed by Bond Street Mortgage, LLC. (Allow for 3-5 business days for completion of report).
 
Stage 3 - Loan Application is sent to Processing: Once all required information and disclosure documentation is received, a full file submission will be sent into underwriting. All information and documentation will be reviewed, verified and aligned with appropriate product guidelines.
 
Stage 4 - Loan Application is Approved with Conditions: Once the application has been reviewed by an underwriter, she will approve it, however a few more minor conditions may need to be collected.  These additional items will be gathered and then the application will be resubmitted for a "clear to close".
 
Stage 5 - Loan Application is Clear to Close: Once all outstanding conditions are cleared and our closing department reviews title documentation an approval to close will be issued and a closing date for your loan will be determined. (Allow 3-4 days after conditions are cleared for closing date)
 
Stage 6 - Loan Documents are Signed: At closing, you will sign all of the required documents. 
 
Stage 7 - Loan is Funded: If the loan is a purchase or the refinance of an investment, the loan funds are released immediately. If the loan is a refinance of a primary residence, the regulations allow the borrower three business days to review the loan. On the fourth day the loan proceeds are disbursed.
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Bond Street Mortgage LLC NMLS #140489
115 West Century Road Suite 115, Paramus, NJ  07652
Office:  (201) 490-4232
Toll Free:  (888) 588-5522
loaninfo@bondstreetloans.com
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