Navigating the mortgage loan process can be challenging. However, by understanding what to expect along the way your journey can be sweat less.
STEP 1 – PRE-QUALIFICATION Determines the maximum amount you are eligible to borrow but does not guarantee you a loan.
STEP 2 – LOAN APPLICATION Begins after you have a contract on a home. Your loan officer will discuss the best loan programs for you.
STEP 3 – LOAN PROCESSING The loan processor prepares your file for underwriting which includes verifying your employment, assets, credit history and gathering documentation. Provide all requested docs within 24 hours.
STEP 4 – UNDERWRITING The underwriter reviews your file for credit approval. Conditions might require additional documentation.
STEP 5 – CONDITIONAL APPROVAL Your loan is conditionally approved pending receipt of additional requested documents. Respond immediately.
STEP 6 – FINAL APPROVAL Your loan is resubmitted to underwriting for final approval. Documents are prepared for the final Closing Disclosure which is usually sent to you electronically 3 days before closing.
STEP 7 – CLOSING Your closing date and time should have been scheduled, your cash to close should have been wired to the Closing Attorney or Title Agent. Sign the papers and get the keys to your new home.