The Mortgage Process
RESIDENTIAL, MULTIFAMILY, COMMERCIAL & INVESTMENT PROPERTY LENDING
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, work history, monthly debts and account balances. You can provide much of this information on your application.
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 help you to understand the process in full.
Contact US for more details-
1
Mortgage Pre-Approval
Pre-approvals don't take much time. They involve pulling a credit report that shows your credit score and credit history. We will also review your mortgage documentation regarding income, and verify funds available for purchase. This helps to be able to pinpoint the loan options and loan amounts for which you'll be Pre-Approved for. Mortgage Pre-Approvals also signal to the seller and listing agent that you’re a prepared, and serious buyer.
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2
House Shopping
Once you have found your home and made an offer you will hopefully have the deal approved by both parties. With terms of the deal approved by both parties, the purchase agreement is signed by the seller and buyer. At this point, you can move forward to open escrow and finalize the loan.
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3
Mortgage Loan Application
We will work with you at this stage to update, and gather the needed documents from you to submit your loan application into processing. We will provide you with an updated Loan Estimate prior to Submitting, which includes closing costs, the interest rate and monthly payments (principal, interest, taxes and insurance).
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4
Loan Processing
Loan processors gather submitted documentation about the borrower and property, review all information in the loan file and assemble an orderly and complete package for the underwriter.
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5
Underwriting
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.
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6
Closing
The closing is the moment for which you’ve been waiting. It’s time to sign a bunch of 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 appointment is done. Congrats! The very last closing items happen in the background; the title company will complete the recording and funding.
