At Drake Bank, we follow a simple process to help make your homeownership journey as easy as possible.

  • Contact Our Team – chat with our team so we can begin to understand you and your goals.
  • The Best Fit – your expert loan officer will assist you in applying for alone that truly fits.
  • Close with Confidence – you own a new home or refinanced into a loan that fits, knowing your team made that process easy.

Whether you are looking for a traditional loan or an ITIN loan, our expert team will help you navigate the many mortgage options to find the one that best suits your needs.

We sat down with our mortgage officers, Stephanie Scarrella and Jim Iacarella, to help you understand the mortgage process and what to expect.

How does someone know what loan is the best for them?

SS: I conduct a short Q&A session and put together options with the pros/cons of each program tailored to the client’s needs, and we discuss everything in detail.

JI: Everyone’s financial experience is different in one way or another. When you meet with me, we will ask questions, go over your unique qualifications, and get you pre-qualified prior to searching for the right home.

What is the timeline for the mortgage application process, from application to closing?

SS: This can vary from client to client, but the average is 4-5 weeks from origination to closing.

JI: Once we learn more about what you are looking for and are pre-qualified, the entire process could be completed within 30 to 45 days.

What documentation will be required during the application process, and how can someone streamline the process?

SS: Typical documents are two years of W2s, current pay stubs, and bank statements. Additionally, we need tax returns for retired to self-employed borrowers.

JI: Provide as much documentation as possible during the pre-qualification stage to help make it a smooth transition to purchase. Documentation can include two years of job history, tax returns, rental or residency history, bank statements, and gift letters.

What steps can someone take to ensure a smooth and efficient mortgage process?

SS: Communicating, responding quickly to emails and calls, and returning any items we need for processing right away allows for a very smooth, hassle-free transaction.

JI:  Working with your loan officer to communicate what is needed and getting needed information back are at the heart of a smooth process.


Ready for your better future home? Get in touch with our mortgage team to learn more about our mortgage options here.