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Understanding The Mortgage Loan ProcessSTEP ONE – LOAN DISCLOSURESReview and sign loan disclosures • Make sure all information is correct. • Sign and date the loan disclosures and return your income documents. • Once returned, your loan will move into the processing and underwriting portion of the loan process. STEP TWO – APPRAISAL REPORT AND TITLE POLICY Appraisal Report and Title Policy – These are ordered at the same time your loan disclosures are sent . Appraisal – It determines the value of your home based on its present condition and comparable sales in the area. An appraiser will contact you to schedule an appointment to inspect and photograph your property. After the appraiser visits your property, it typically takes three business days to generate an appraisal report. Title Report – The title policy will reflect all liens against your property. This policy protects you by making sure no other person or entity has a claim to your property. STEP THREE – THE PROCESSING OF YOUR LOAN After the title policy and appraisal are ordered, our staff will begin requesting all of the information an underwriter will need to approve your loan. Items needed for loan approval • verification of your employment history • a payoff statement for your current mortgage • a verification of your mortgage history • insurance coverage for the new loan amount Once these items (including the appraisal report and title policy) are received, your loan will be submitted to underwriting. STEP FOUR – THE UNDERWRITING OF YOUR LOAN The underwriter will review the submitted documents and issue a decision about your loan. Conditional Approval – An underwriter will approve your loan with “conditions.” Conditions – Any items an underwriter needs to further clarify in order to issue a final approval (i.e. title questions, income/employment documents, home inspections, etc…) – Our staff will contact the necessary people to satisfy all of these conditions. *** Please be aware, you may be contacted at this point to provide additional information *** Final Approval – Once all conditions are received, they are forwarded to the underwriter for final loan approval The underwriter will review the submitted conditions and approve the loan STEP FIVE – THE CLOSING OF YOUR LOAN Once a final approval is generated, your loan will be submitted to the lending company’s funding department to prepare closing instructions and documents. At this point, we will contact you to schedule a convenient closing time and date between you and the title company. We then coordinate with the lending company and title company to make sure all closing documents are prepared correctly (this ensures a smooth closing). IMPORTANT THINGS TO REMEMBER The loan process takes approximately two to three weeks from the time we receive your appraisal report and title policy. Be sure to maintain your existing credit profile during the loan process, as changes in your credit profile can alter the terms of your loan. For example: • continue to make all mortgage payments until the loan closes • pay all bills • do not attempt to buy any high-dollar items • do not allow anyone to pull your credit report OUR GOAL Our goal is to provide our clients with the highest level of service and satisfaction throughout the loan process. |
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