Here’s how the mortgage process works:

  1. Mortgage Application
    The first step in the mortgage process is completing an application. With Vermont Mortgage Company, your mortgage application can be completed online, over the phone, or in person. Once submitted, you’ll need to sign various forms that authorize us to process your loan and deliver your documentation, such as bank statements, pay stubs, and W2s. (See below for full documentation requirements.) Tip: If you fax, email, or drop off these documents, the process takes only an hour or so. Once all of your information is received, we order an appraisal from a Vermont licensed appraiser and a title policy from an attorney.
  2. Mortgage Processing
    Your documentation is sent to a processor who verifies and validates all the information to be truthful and accurate. Verification requests may be sent to your employers, mortgage holder/landlord, and financial institutions. When all the information is collected, the processor then verifies that basic loan requirements have been met. If so, the file is packaged in a manner the lender specifies and sent to the underwriting department of the lender. Note: If your loan qualifies for automated mortgage underwriting, the documentation requirements are often cut in half.
  3. Mortgage Underwriting
    The underwriter reviews your loan package to make sure it conforms to all the guidelines required for that loan program. They also review the appraisal and title report, at which time additional validation of employment, mortgage payments, credit, and other details may be performed. Note: The underwriter makes the ultimate decision for the approval of your loan. The time this takes is driven by the volume in the market. If the market is flooded, decisions may take up to two weeks, but under normal conditions it takes just two to three days.
  4. Conditions To Close
    When the underwriter is done reviewing your loan, we will contact you about its status and inform you of the “conditions to close,” meaning any outstanding documentation needed for full approval. When these needs have been satisfied, you’ll receive final approval and a “clear to close.”
  5. Clear To Close
    When you are “cleared to close,” we’ll coordinate all the parties involved, and schedule a time and location to sign the final documents to close the loan.
  6. Draw Documents/Closing
    Once the closing is scheduled, the lender then draws the document package and sends it to the closing attorney, usually sent via email. Lastly, you’ll meet, sign the papers, and pick up the keys to your new home!

Apply now by using our Online Application, or Download our application form and send it to us in one of the following ways:

Fax: 802-495-5982
Address: 135 College Street, Suite 2, Burlington, VT 05401
Email: moc.ynapmocegagtromtnomrev@kcin

Questions concerning your mortgage?

Contact us »

Loan Calculator

Mortgage News

Security Breach – How to Tell if You Were Affected by Equifax

Greetings from all of us at the Vermont Mortgage Company! As many of you have probably heard, Equifax was the target of hackers in the past few months. There are reports that sensitive information from over 143 million people were stolen by these cyber criminals....

Why Lenders Care About Large Deposits

Greetings from the Vermont Mortgage Company! Today, we are going to dive into something that can be both good and bad – Sufficient funds for buying a house. Specifically, where said money has come from. As important as it is to have the appropriate funds you also need...

Dropping in Value – What Can Depreciate Your Home

The Vermont Mortgage Company team hopes you are enjoying your week on this fine Friday. As always, we want to show how much we appreciate you. This week, we are showing our appreciation by showing you what can depreciate your home! You may not know it, but there are...