Typical Mortgage Process
The mortgage loan process largely consists of "mortgage paperwork", which is mostly about providing documents needed for a mortgage that show how much you earn, where you've lived, monthly debts and account balances. You can complete your application in minutes and navigate your loan from start to finish from any device!
we will always try to make the loan process as simple as we possibly can. If you have any questions at all, we can help answer them and assist you in understanding the process in full.Contact me for more details
Pre-approvals don't take much time. They involve pulling a credit report that shows your credit score and credit history as reported by third-party, respected institutions. In addition, supporting documents are requested to confirm the information provided on your mortgage loan application. This helps to be able to pinpoint a loan amount for which you qualify. Mortgage pre-approvals also signal to the seller that you’re a serious buyer.
Once you have found your home, made an offer and have a binding purchase agreement signed by the seller and buyer, you can move forward to finalize the loan.
Mortgage Loan Intent to Proceed
we will work with you at this stage to gather any additional documents needed to transfer your file to processing, to include your intent to proceed. We will provide an Initial Loan Estimate, which outlines estimated closing costs, interest rate and monthly payments (principal, interest, taxes and insurance).
Loan processors review documents submitted about the borrower and property, to include all information on the application and in the loan file, assembling it in an orderly and complete package for the underwriter.
The underwriter is the key decision-maker. They closely evaluate all the documentation prepared in the loan package. They cross check to see if the borrower and property match the eligibility requirements of the loan product for which the borrower applied. Underwriters review the borrower’s credit history and their capacity to repay the loan.
The closing is the moment for which you’ve been waiting. It’s time to sign final loan documents and complete your purchase or refinance. Some docs seal the deal between you and the lender. Other docs seal the deal between you and the seller (if it’s a purchase transaction).
When everything is signed, your participation in the closing meeting is done. Congrats! The very last closing items happen in the background; the title company will complete the recording and funding.