12 Steps To Mortgage Success in Santa Fe, New Mexico
1. Building Rapport.
It is of extreme importance to feel that we can work together, during our first conversation we can get to know each other a little bit and at some point, I will ask a few high level questions regarding income sources, credit and other miscellaneous. We can determine your best path forward right away.
30 Minutes
2. Application.
Nothing moves forward without a formal application. This gets the process in motion and gives you an initial guide of the process and what to expect. It engages all of the elements in Marita’s organization to begin processing your loan.
(Please keep in mind, that if the process falls through for any reason, a new application will have to be submitted when we try again)
3. First Recommendations
Once everything is in the system, Marita will give you a complete summary of what will be needed, specific items that will be required and a first look at how complex your transaction will be.
Please keep in mind that the underwriting process is meticulous and extremely detailed, full disclosure is the utmost importance.
4. Documentation
This step is key to the accurate and timely completion of your mortgage. It is important to submit all documents and ensure they are readable, current and accurate and follow the requested list exactly as needed. Once these documents are received, Marita will sift through them with a fine tooth comb before submitting them to underwriting for their scrutiny.
5. Overcoming Obstacles.
Once underwriting reviews your documentation, income sources, credit etcetera, a list of conditions will be issued which can range from an unclear document to a discrepancy in debt to income or other issues. Marita will give you clear direction of how to meet the underwriting requests. Once you submit the answers needed, Marita will again review carefully before submitting and then review with underwriting herself.
6. “No-No’s During Approval
The process can become frustrating, Marita’s experience will help you through this. These are things you should never do at this point:
Become frustrated and impatient or call repeatedly to see where the process stands
Apply at another mortgage company
Acquire any new debt or apply for credit of any kind
7. Lock Interest Rate
When all underwriting requests are met, you will more than likely be under contract and would have settled on an purchase offer. Provided everything went well, Marita will be able to lock an interest rate that will guarantee that rate for a limited period. It is crucial to move quickly and be proactive.
Marita will guide you every step of the way.
8. Appraisals & Inspections.
An appraisal and inspection are the next step. These will determine any discrepancies between the offered price and the actual value of the property, as well as any issues with the livability of the home such as roof condition, mold, plumbing and such. Marita will be vigilant throughout this phase to keep you well informed.
9. Overcome Objections.
-If at this point there any issues, Marita’s team goes to work to resolve, clear and approve.
This is a protection for you the borrower as well as the lender.
10. Final Green Light.
We are almost there! But still vigilant to any changes or last minute requirements. At this point, a closing disclosure is ordered and shared with all parties, starting the clock for the final clear to close. Marita remains on top of the process.
11. Closing Requirements.
Things will move very fast here - everyone is on edge. The sellers to receive their money and the buyers to see the process come to a successful end. Marita will inform you of the exact schedule, work diligently with all the parties to meet deadlines and ensure everything goes seamlessly. Marita doesn’t take a single thing for granted!
12. Funding & Close
The last step is to ensure that all parties are in sync to come together for a successful closing. Marita will ensure all moneys and documents are ready and accurate so the closing goes smoothly.
Your trust in Marita’s extreme expertise have now paid off!
While We Are On The Subject…
What is a “Pre-Qualification” Letter?
Surface-Level Review - A pre-qualification is an informal estimate based on information a borrower provides—often without documentation or verification. Income, assets, and credit are typically not fully reviewed, and the result is simply a rough idea of what a borrower might qualify for.
It’s quick, but it carries very little weight in a real transaction.
What is a “Pre-Approval” Letter?
A pre-approval involves a more structured review of income, assets, and credit, usually with documentation submitted. The file is evaluated using lender guidelines to determine a more realistic loan scenario, often including conditions that must be met.
It’s stronger than a pre-qualification, but it is not a final approval.
Reality Check…
Not all transactions are successful, but I work diligently to ensure that doesn’t happen due to silly oversights.
Here are some of the usual reasons a the mortgage process can fail:
An Absent Realtor
An Absent Lender
Unbalanced Debt to income ratios
Credit report issues
Unclear Income Sources
Income discrepancies
Large unexplained and recurring expenses
Unrealistic Offer
Home Appraisal
Home Inspections
Sluggish or inaccurate document submission
Financial changes during the approval period including acquiring (or even applying for) new credit
Surprises, undisclosed information
TEAM WORK
All parties working together with one goal, contributing their skills and resources, accurately and with urgency with one purpose:
MEET AT THE CLOSING TABLE!
If Your Loan Didn’t Move Forward — What Comes Next?
When a loan doesn’t move forward, the path back isn’t guesswork — it requires a clear understanding of what went wrong and how to correct it. Marita has spent decades working through underwriting challenges, shifting market conditions, and complex borrower profiles, and she knows how to identify the specific issues that need to be addressed.
Her track record in helping clients recover, reposition, and successfully return to the process is exceptionally strong. That said, progress depends on your willingness to follow a disciplined plan. She will give you direct, practical guidance — but the changes, whether financial, documentation-related, or timing-based, must come from you.
With patience, consistency, and a commitment to the strategy, many borrowers are able to come back stronger and ultimately secure the mortgage they were originally working toward.
Marita De Vargas Is Supported by One of the Nation’s Largest Lenders
loanDepot is one of the largest non-bank mortgage lenders in the United States, with a national platform that supports a wide range of loan programs, underwriting resources, and market reach. Within this structure, Marita DeVargas operates as a top-performing loan officer in the Santa Fe market, leveraging both her extensive experience and the operational strength of loanDepot. This combination allows her to structure and deliver financing solutions that are competitive, well-supported, and capable of moving efficiently from application through closing in a dynamic and often complex lending environment.
NMLS: 174457
