Mortgage >  Loan Process Overview 

Overview: Loan Application, Approval & Closing.

 

Applying For Your Loan:

• Your Mortgage Consultant will fill out a standard loan application and ask for a complete list of- -and documentation supporting- -your assets, debt and employment information (see What To Bring To Application).
• You will get a Good Faith Estimate that will approximate how much money you'll need to close on your loan. Your mortgage file is then passed on to a processor who will track down any missing information you didn't bring to application.

The Approval Process:

• From processing, your file goes to underwriting where the loan information is evaluated and the final credit decision is made.
• Once approved, the file is sent to a Mortgage Closer who prepares the many documents needed for your loan closing.

The Closing:

• The loan closing (also called settlement) usually takes place at an attorney's office. Your real estate agent will help coordinate a convenient date for you and the seller at the time you sign your purchase agreement.
• You'll sign all the documents the mortgage company needs for your note.  When everything has been signed, the seller passes the keys to you, and the house is yours!

Your Step-By-Step Guide to:
Get a Mortgage.