- Step 1
Call Us or Apply Online
- Step 2
We'll Contact You and Start the Loan Process
- Step 3
Rate Selection and Locking
- Step 4
- Step 5
Processing Your Loan
- Step 6
Signing Loan Documents
- Step 7
Funding and Closing Your Loan
Step 1 Complete the Provident Funding
Loan ApplicationYou have the option to either complete our short form application
for a Provident Funding Mortgage Consultant to contact you, or expedite the process
by completing the full application on your own. Additionally, help guides are readily
available to answer your questions during every step of the process.
Step 2 Provident Funding Will Contact
You Once you have submitted your application, it will be automatically assigned
to a licensed Provident Funding Mortgage Consultant. Your Mortgage Consultant will
guide you through the entire loan process and serve as your point of reference for
questions and concerns. The Mortgage Consultant will also:
- Contact you to review the information you provided and answer any questions you
- Review your credit history and submit your application through our automated underwriting
- Provide you with the "next steps" in the loan process.
Step 3 Locking a Rate for Your Loan
If Provident Funding's automated underwriting engine issues an "Approved" decision
(and you have received an acceptance to your purchase offer from the seller, if
applicable), you are eligible to lock the interest rate using our online rate lock
tool or over the phone with the assistance of your Mortgage Consultant. Using Provident
Funding’s online rate lock tool, a customer may lock a rate for their loan at any
time except for the hours and days listed below:
- Non-lockable hours are from 12:01 AM PST each weekday morning to the time Provident
Funding posts interest rates later that morning. Provident Funding posts interest
rates at approximately 8:00 AM PST each business day.
Provident Funding provides you with 3 different rate lock period options for your
purchase loan: 30, 45 or 60 days. For refinances the lock period is 30 days.
If your loan does not receive an "Approved" decision, your Mortgage Consultant will
contact you to discuss other options. If you decide not to lock in the rate at this
time, you will have up to 30 days from the date Provident Funding's automated underwriting
engine issued the "Approved" decision to do so. If after 30 days you have not locked
in a rate, Provident Funding will consider that you have withdrawn your application.
Step 4 Property Appraisal Deposit
In order to begin your loan process we must collect a $600 Property Appraisal Deposit.
If you are applying for a Jumbo loan product, the cost of the Property Appraisal
Deposit $850. You may submit the deposit electronically by logging into your online
account at www.provident.com or by calling your Mortgage Consultant.
Step 5 Processing Your Loan
A Provident Funding Mortgage Consultant will begin processing your loan once the
Property Appraisal Deposit is received. The appraisal, title and other services
will be ordered on your behalf. We will require you to submit income and asset information
as applicable to your loan, prior to submitting your loan package to our Underwriting
Department. Your Mortgage Consultant may gather additional documentation during
the loan process, as required to fully approve your loan.
Step 6 Signing Your Loan Documents
The loan documents are sent to the notary/closing agent for your execution. Once
received, the closing agent will need to get in contact with you to schedule a time
to sign loan documents. After the loan documents have been executed, they will be
returned to Provident Funding by the closing agent.
Step 7 Funding and Closing Your Loan
After review and approval of your signed loan documents, Provident Funding will
wire funds to the title company, who will disburse the funds and record the necessary
paperwork with the appropriate county. At this point, your loan is considered closed.