The Loan Process
In order to obtain a mortgage, lenders require specific documentation to substantiate your financial situation. The overview here covers the five basic steps needed to process your loan application and make an approval decision. Your loan officer will work with you to obtain all the necessary documentation and guide you along the way.
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Step 1: Application
Your application is the official start to the process and focuses on choosing the best loan program. You'll read and sign each loan document and provide your intent to proceed. Once you receive your loan estimate, you'll submit the necessary documentation needed to move forward.
Step 2: Processing
Step 3: Underwriting
After your application is accepted, a Processor will put together your entire loan package so that it may be underwritten. The Processor reviews your credit report, verifies your debts, payment histories and employment status.
Step 3: Underwriting
Step 3: Underwriting
Step 3: Underwriting
An Underwriter reviews your application, documentation, financial information, sales contract, appraisal and title to be sure all the necessary requirements have been met based on the loan program you are applying for.
Step 4: Appraisal
Step 3: Underwriting
Step 4: Appraisal
An appraisal determines the fair market value of the property and is added to your loan package to be used in underwriting. In most cases, the listing agent (purchase mortgage) or you (refinance mortgage) will need to be present at the property to grant the Appraiser access.
Step 5: Closing
Step 3: Underwriting
Step 4: Appraisal
At a minimum of three days before your closing date, you'll receive your closing disclosures, which will give your cash to close amount (purchase mortgage) or cash out amount (refinance mortgage). On the day of your closing, you will sign all the final documents and the loan will be funded. Your first mortgage payment is typically not due until the second month after your closing date.