The processing of mortgage loans involves a series of stages that are completed within a period of six to ten weeks. It is a very long and intricate procedure for the parties involved. The mortgage loan processor oversees the entire process while the borrower adheres to the instructions given by the creditor. Do you want a house loan? If so, you may wonder about that. The steps are generally the same, but your creditor may have unique patterns. There are about four steps that you should expect to complete during the processing of the mortgage loan. They are explained below.
Applying for a mortgage – After finding a suitable creditor, you will fill out a loan application form. Currently, the process is done electronically on the Internet. After filling in all the blanks, as openly as possible, you will send it to the mortgage processor. The processor will contact you immediately instructing you to deliver certain documents. These include your recent bank statement, form of payment, W-2 forms and income tax returns, if you are self-employed. The paper work is usually sent by mail and, therefore, the Steps of the Mortgage Loan Process can be deferred.
Step One: Loan Started
Apply online, schedule a meeting with your mortgage advisor, or call into get the mortgage loan process rolling
2: Getting the Package Out to the lender
Electronically sign disclosure package & gather needed documents.
3: Appraisal Requested
We will request an appraisal with a locally certified appraiser.
4: Appraisal Completion
Value is given to your new home and a copy is sent to you.
5: Sent to Processing
Our Processor will oversee the quality control of your loan to send to the Underwriter for Initial Approval.
6: Submitted to Underwriting
Your loan is now awaiting the Initial Approval!
7: Mortgage Approval Issued
An Initial Approval has been issued and we will help to gather any extra documents requested.
8: Confirmation of Loan
We take Step Eight as an opportunity to review the final terms of your loan.
9: Conditions sent in for Final Approval
We have sent your loan in for Clear to Close.
10: Clear to Close
Our favorite Step. Our closing coordinator will be in touch to schedule your closing.
Reaching this Step means that your closing was a success and your role in the mortgage loan process is now complete.
Step Twelve: Funded
The final Step in your home purchase journey is now complete, congratulations!