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Fast Track Mortgage

Get approved quickly for a competitive advantage

The real estate market is always competitive, and being able to close quickly when you’ve found the home you want to purchase helps to ensure you won’t lose out to other buyers. With Great Northern Mortgage, close on your loans fast so you can get your dream home.

Here’s how it works:

  1. Before you start looking to buy a property, apply for the mortgage to get a loan commitment (different from getting pre-approved) and supply all the required documentation, including bank statements, tax returns and pay stubs. We’ll review your credit history. The pre-approval letter is the first step all first-time home buyers do. However, if you want your offer to be accepted over other multiple offers in the low inventory market, we can help you with this. Apply Now  
  2. We will submit your loan documents to the bank, and you will receive a mortgage commitment that you will present to the Selling and Listing Agents. The mortgage commitment will show that you have been approved by the bank subject to the terms of the mortgage commitment.
  3. You’ll also have the option to clear credit conditions (such as requests for additional documentation) while you’re house hunting, speeding up the process.
  4. Find your dream home, make an offer, let us know what property you are planning to buy, negotiate a price, we will contact the Listing Agent to make sure the Realtor understands that you have an actual mortgage commitment and not just a mortgage pre-approval, and sign the purchase contract.
  5. Get an appraisal, title, and homeowners insurance to complete the final steps. With your credit cleared by the previous steps, you could be ready to close your loan in as little as a week from the day you sign your purchase contract.
  6. You’ll be notified when you’re cleared to close. Finalize your closing date, and sign all the required documentation so you can officially own your new home.

Closing a home loan in as little as 21 days

Great Northern Mortgage knows that a single day can be the difference between you getting your dream home and falling short of your goal. Working closely with our clients, we can close most loans in as few as 21 days.

The Process:

  1. We’ll follow up with you promptly and thoroughly to make sure we have all the documentation we need from you within 24-48 hours of you submitting your loan application.
  2. A loan processor will review your application within 2 business days of receiving your documentation before sending it to the underwriting.
  3. Your loan will go to an underwriter who will complete the initial review in 1 to 4 business days. If additional documentation or clarification is required, the loan will be sent back to the processor for clearing additional conditions. Once the additional conditions are received, they will be cleared by the underwriter, who will issue a final loan approval, Clear to Close.
  4. The underwriter will issue a Clear to Close (CTC) and return the loan to the processor, who will inform all relevant parties of the CTC, verify a closing date and time, and place the loan in the closing queue. The bank closer will provide closing documents to the settlement agent within 24-48 hours.
  5. You attend the closing with your agent, and sign the documents.
  6. Congratulations, you’ve completed the process!