EnergyEfficiency

SmartHomes

SafeHomes

Mortgage Process

MortgageHeader

Buying a home may be the most exciting, confusing and stressful financial transaction you ever undertake. The process is complicated, particularly when it comes to getting a mortgage loan. Countless loan documents, unfamiliar terminology and uncertainty can temper the joy of buying a new home. The following explanation of the loan application process is intended to help you through the complexities of obtaining a mortgage loan.

1. Mortgage Application

As a home buyer, you must fill out the application, sign various forms that authorize the lender to process your loan, and deliver your documentation requirements (i.e. bank statements, pay stubs, W2s).

  • Applying through the mail can take a week or more, but applying in person takes about an hour.
  • The next step cannot begin until these documents are submitted.

2. Mortgage Processing

Your documentation is sent to a processor, who verifies and validates all of the data to be true and correct.

  • Verification requests may be sent to your employers, mortgage holder/landlord and lending institutions.
  • The appraisal and the title policy are typically ordered at this time.
  • The completed package is routed to the loan underwriting department.
  • This may require two weeks or more. Loans that qualify for computer automated loan processing may be completed in five days.

3. Mortgage Underwiriting

The underwriter verifies that your loan documents conform to loan guidelines. Underwriters have ultimate power and decision authority over loan approvals.

  • Underwriters may request additional validation of employment, mortgage payments and credit.
  • Typically, this takes three to five days, but more time may be required.

4. Automated Mortgage Underwriting

Most lenders today use Automated Underwriting (by computer), requiring less documentation and a faster process.

  • Any missing documentation or inaccuracies with the application could result in a decline, or the application may need to be resubmitted.
  • Delays are usually resolved quickly. Automated Underwriting can be completed in just a matter of hours.

5. Conditions to Close

Your loan officer receives "conditions to close" once the underwriter’s review is completed.

  • Additional documentation may be requested.
  • When these needs have been satisfied, the underwriter gives final approval and "clear to close."

6. Clear to Close

When the loan officer gets the clear to close, the signing is scheduled.

  • Each party must sign the final documents.
  • This normally only takes an hour.

7. Draw Documents

The lender then draws the document package and sends it to the closing company. This may require up to two days.

  • This can be done by overnight delivery, fax, or electronically.
  • You will meet, sign the papers, and pick up the keys.
The underwriter verifies that your loan documents conform to loan guidelines. Underwriters have ultimate power and decision authority over loan approvals. - See more at: http://jaymarchomes.com/Mortgage-Process#sthash.TKWTDXoG.dpuf
The underwriter verifies that your loan documents conform to loan guidelines. Underwriters have ultimate power and decision authority over loan approvals. - See more at: http://jaymarchomes.com/Mortgage-Process#sthash.TKWTDXoG.dpuf
Buying a home may be the most exciting, confusing and stressful financial transaction you ever undertake. The process is complicated, particularly when it comes to getting a mortgage loan. Countless loan documents, unfamiliar terminology and uncertainty can temper the joy of buying a new home. The following explanation of the loan application process is intended to help you through the complexities of obtaining a mortgage loan. - See more at: http://jaymarchomes.com/Mortgage-Process#sthash.wYbGDYbC.dpuf
Buying a home may be the most exciting, confusing and stressful financial transaction you ever undertake. The process is complicated, particularly when it comes to getting a mortgage loan. Countless loan documents, unfamiliar terminology and uncertainty can temper the joy of buying a new home. The following explanation of the loan application process is intended to help you through the complexities of obtaining a mortgage loan. - See more at: http://jaymarchomes.com/Mortgage-Process#sthash.wYbGDYbC.dpuf
Buying a home may be the most exciting, confusing and stressful financial transaction you ever undertake. The process is complicated, particularly when it comes to getting a mortgage loan. Countless loan documents, unfamiliar terminology and uncertainty can temper the joy of buying a new home. The following explanation of the loan application process is intended to help you through the complexities of obtaining a mortgage loan. - See more at: http://jaymarchomes.com/Mortgage-Process#sthash.wYbGDYbC.dpuf
Buying a home may be the most exciting, confusing and stressful financial transaction you ever undertake. The process is complicated, particularly when it comes to getting a mortgage loan. Countless loan documents, unfamiliar terminology and uncertainty can temper the joy of buying a new home. The following explanation of the loan application process is intended to help you through the complexities of obtaining a mortgage loan. - See more at: http://jaymarchomes.com/Mortgage-Process#sthash.wYbGDYbC.dpuf
Buying a home may be the most exciting, confusing and stressful financial transaction you ever undertake. The process is complicated, particularly when it comes to getting a mortgage loan. Countless loan documents, unfamiliar terminology and uncertainty can temper the joy of buying a new home. The following explanation of the loan application process is intended to help you through the complexities of obtaining a mortgage loan. - See more at: http://jaymarchomes.com/Mortgage-Process#sthash.wYbGDYbC.dpuf
Buying a home may be the most exciting, confusing and stressful financial transaction you ever undertake. The process is complicated, particularly when it comes to getting a mortgage loan. Countless loan documents, unfamiliar terminology and uncertainty can temper the joy of buying a new home. The following explanation of the loan application process is intended to help you through the complexities of obtaining a mortgage loan. - See more at: http://jaymarchomes.com/Mortgage-Process#sthash.wYbGDYbC.dpuf

MaterialDifferences

HomePlans

ContactUs