Obtaining a Mortgage Time Line
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Wellesley College Mortgage Program CHECK LIST Wellesley College offers several options to assist faculty and staff members when they are buying or refinancing a home. If you are a tenured faculty member or senior administrator seeking a mortgage on a residence within a 10-mile radius of the College, you are eligible for the Wellesley College Faculty Mortgage Program. If you are NOT a tenured faculty member or if you seek to purchase or refinance a house outside a 10-mile radius of the College, you may choose any mortgage vendor. We recommend Harbor Mortgage Solution, a firm that does business with College employees and offers competitive rates. Pick up and read a faculty mortgage packet (available in the Office of Finance and Treasurer - GRH 146 - or Controllers Office - GRH 139 ). Pick up a Harbor Mortgage Solutions package from Eleanor Tutty at Human Resources, GRH 136. Weigh your options and decide if you would prefer Harbor Mortgage Solutions, Inc. as your vendor or Wellesley College. If you decide on Harbor Mortgage Solutions, call George Downey at (781) 283-3300 to set up an appointment. If you decide on a Wellesley College loan: o Complete the Uniform Residential Loan Application and disc losure receipt statement. Forward completed information and an application fee of $1,000 to Donna Ng, Controller, GRH 139. o Set up appointment with Donna Ng, Controller at ext. 2258 or Susan Vogt, VP Finance and Treasurer at ext. 2903 to review financing options and payment amounts. An Excel file may be forwarded to you instead where you may calculate different financing options yourself. o Forward signed Purchase and Sale Agreement to Donna Ng, Controller, GRH 139. o Sign Commitment Letter. o Coordinate closing details with College attorney, Bruce Linsky.