Our Process

When you contact us for help with a residential mortgage, the below is what you can expect.

Throughout the process, we keep you informed of what’s happening and address your questions and concerns. We will explain documents and give you helpful advice about your options at every stage of the loan process. Our business is based on referrals, and we value long-term relationships with our clients above all else!

What you can expect:

1.    Schedule a complimentary consultation

Schedule a complimentary consultation to go over your situation and goals. The consultation will take about 40 minutes and can be done in person if you live close by (the coffee’s on us!), or over the phone or by Zoom. Call us at 310-294-9417 or self-schedule an appointment here.

2.    Complimentary consultation

You will speak with our mortgage broker Alejandro, who will first listen to you in detail. He will then give you helpful advice and answer any questions you may have. He will let you know about your options based on the information you provided. The consultation is free and doesn’t commit you to anything. We don’t engage in harassing follow-up calls, but when needed, we are always available to answer more questions. 

3.    Gathering information

If everything sounds good and you would like to proceed, we will next ask you to provide some documents and written financial information so that we can internally preflight your loan scenario. We keep the requested documentation to a minimum at this stage—just what we need to be able to pre-qualify you and give you a solid loan proposal.  

4.    Soft credit pull

As part of gathering information, we will ask for your authorization to do what is called a “soft pull” of your credit report. This does not affect your credit score because it is considered a routine check of your credit, not an “official inquiry” for the purpose of getting a new loan. We are able to do a soft pull of your credit using a third-party provider, and this is a complimentary service that is of no cost to you.  

5.    In-house preflighting

Once we obtain your credit report and the other financial information we requested from you, we will preflight your loan in-house. We can detect any potential problems and address these with you BEFORE we submit an official loan application to any lender. This is an important step, because submitting an official loan application involves time and work on your part, and it negatively impacts your credit score, especially if you get denied.

If there are issues that need to be resolved before you can get a loan, we will advise you in detail what to do. These issues can often be resolved quickly; in a matter of a few weeks. No one is ever rejected—we will work with you until you qualify! 

6.    Loan proposal

After we have preflighted your loan, we will send you a detailed loan proposal, and we will also go over it with you over the phone or by Zoom. We will make adjustments as needed (within the limits of the current loan programs available), until you are satisfied with the plan.

7.    Loan application and hard credit pull

When you have given the green light to proceed with your loan, we will finalize your loan application, review it with you and submit it to the selected lender. At this point, a “real,” hard pull on your credit report will occur, which will count as a hard inquiry on your credit report. The lender will use this for their own internal approval process.

8.    Loan approval with conditions

If the lender finds you qualified, they will approve your application with conditions. There are always conditions as part of the initial lender approval, and this is a normal part of the loan process. At this stage, the lender will (re-)request a number of financial documents from you. Also, you will be asked to sign a number of disclosures that the lender is legally required to issue. We will go over these disclosures with you, and we will help you satisfy all the loan conditions so that the loan can close.

Because of our thorough preparation of loan applications, Prosperity Lending has a 97% approval rate of loan submissions to lenders.

9.    Loan document signing 

At the end of the loan process, you will sign the final loan documents in front of a notary. We will go over these documents with you in detail. This usually takes one to two hours, and we will explain everything to you in clear terms that you can understand. The notary is sent to a location of your choosing; this can be your home, business, or any location that is convenient to you at the time of signing. We have even sent notaries to different airports, more than once!   

10. Loan closing and disbursement of funds

Escrow will close the loan by recording the necessary documents, and they will disburse the funds. Congratulations—your loan transaction is complete! You will receive instructions about how to start making monthly payments on your loan. We will keep records of everything related to your loan. If you have any questions later, you can always give us a call.

Advantages of our loan process:

We preflight your loan in-house and don’t submit your loan application to any lender until we are confident that you will be approved. We can never guarantee approval, as this is ultimately up to the lender, but our in-house preflight goes a long way—thanks to this process, we have a 97 percent approval rate of submissions to lenders.

Approaching your loan application in this way has a few advantages:

• We do not needlessly jeopardize your credit score. As part of receiving a loan application, the lender will do a hard pull on your credit report. This impacts your credit score, especially if your application is denied, so we avoid this for our clients unless we are confident that their loan will get approved.

• Getting rejected for a mortgage is an unpleasant experience for most people. It’s easy to take it personally, and we do our best to avoid these disappointments for our clients as much as possible.

• If our pre-qualification shows that a person is not likely to get approved for the loan they need, we advise them on how to fix any issues, and we are available to work with them until they do become qualified. There is no harm to your credit score by doing an in-house preflight, which increases your chances of becoming qualified sooner.

“Our closing was so fast and worry-free because of all the work Alejandro did upfront to ensure we were qualified and there would be no hiccups.”

— Shannon, Client