Loan DashboardLet’s Get Started
Welcome! Click and Close is TFSB Mortgage’s quick online application for getting approved for your VA mortgage in as little as ten minutes.
First off, we want you to get a better idea of what you can expect in terms of your mortgage options. By doing so, you’re getting a head start on your home buying process, even if you’re not quite ready to buy just yet.
This part will also set the stage for what comes next and help us build a mortgage experience customized just for you.
Confirm VA Eligibility
The Veterans Administration offers a guarantee on a portion of your loan, known as an "entitlement." Your entitlement determines the loan amount for which you may be approved, subject to our underwriting guidelines. To establish your eligibility, you will need to submit a Certificate of Eligibility (COE) and your DD-214 form, which confirms your release from active duty.
Please provide your Form DD-214 below. The information will be used to populate your application and speed up the process.
If you have your Certificate of Eligibility already, you may upload it here. Our system will scan and automatically calculate your entitlement amount. If you do not have your COE, you can simply upload your Request for Certificate of Eligibility (Form 28-1880) with your signature. This allows us to confirm your eligibility automatically with the Veterans Administration.
At this point, we will dive a little bit deeper to understand the unique aspects of your situation that will impact your loan application. Most mortgages gone wrong are due to overlooking or ignoring very important details. This step in the Click and Close will guarantee a smoother loan application process as we proceed.
At the end of this section, we will give you a more accurate report of your qualifying income, assets, and liabilities.
And remember, if you need help at any point just send a message to your Customer Experience Rep. We're very quick to answer your questions!
Get Prequalified
Simply fill out a few quick details to pre-qualify for our low rates today. Once you’ve checked how much you can save through Click and Close, you will be guided through the rest of the approval process.
Property Details
We will now verify your property address and some property details for your financing needs.
Get Approved
Click and Close offers a quick approval process which allows you to verify your application details in as little as five minutes. You can choose to get a quick approval by verifying your identity and consenting to a credit check below. By doing so, you are authorizing TFSB Mortgage to access your credit report for the purpose of a mortgage inquiry.
Do you agree to provide your SSN to our secure approval process for verification?
Build My Team
The better your home buying team is, the better your home buying experience will be. As we go along, you'll be able to add to your team those key players who will help you complete the mortgage process. It is important for us to have their contact information so that we can also keep them up-to-date and sometimes request important information from them.
Property Check
Before submitting a purchase offer on a property, let your lender know when you find a property that you're interested in. This way they can look into the property to see if there will be any issues or additional steps needed to secure your mortgage.
Consider Inspection
Inspections are optional but highly recommended. As you already know, buying a home is a big deal and the average $400 cost of an inspection is minimal to have the peace of mind that there are no serious defects with the property.
In some cases, an inspection report can give you the leverage you need to negotiate a lower purchase price or have the seller fix any issues with the property before you buy it.
Property Appraisal
An unbiased, licensed (or certified) appraiser is required to conduct an appraisal of the property to determine its value.
A property's appraisal value is primarily determined by recent sales of similar properties in the area (known in the industry as "comps" or "comparables") and by general market trends. The property's amenities - such as number of bedrooms and bathrooms and floor plan functionality - are also key factors in assessing the property's fair market value.
If the appraised value of the property comes in at or above the contract price, then the purchase can go on as planned. If, however, the appraised value comes in below the contract price, then you have two options:
- Negotiate with the seller to lower the contract price, or;
- Make up the difference yourself by adding to your down payment amount the difference between the contract price and the appraised value
The property appraisal takes approximately 4 to 7 business days to complete.
Rate Lock
Mortgage interest rates change every day (sometimes even multiple times in a day), and you have the option of either locking or floating your interest rate before the loan closes. To lock an interest rate means to secure that rate for a period of time so that it won't change before the loan closing date. To float your interest means to let it fluctuate according to market conditions.
Floating your interest rate can result in either a lower or higher interest rate, depending on how the market moves every day. Since nobody has a crystal ball accurately predicting where interest rates will go, we recommend locking your rate.
Clear Underwriting Conditions
Lenders initially approve all borrowers subject to conditions. Conditions are additional requirements for the lender to finish its loan underwriting and offer you a final loan commitment.
If there are any additional items needed to complete the processing of your loan application, your lender will notify you
Closing
At this point, your loan will be cleared for closing. This means you’ll only be one step away from becoming a homeowner. Your chosen lender will let you know what needs to be done to be given the keys on closing day.