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| THE LOAN PROCESS |
Getting a mortgage can seem like one of the more daunting experiences a consumer faces; it is easy to get lost and not know where you are in the process, and be unsure about what is left to be done. Below is an outline that will help you work with your mortgage broker and/or lender, and get through the process quickly and easily.
The Application
If you are ready to get started with your loan after the initial conversations with your loan officer, you will receive a Loan Application Package which contains standard mortgage forms, disclosures you need to complete, and a checklist of additional personal documents. Complete and sign where indicated and return with all additionally requested documents, along with the check for the application fee and estimated appraisal cost.
Document Review / Appraisal
Once your mortgage broker/lender receives your loan package, it is submitted to their processing department for review; any incomplete or unsigned documentation is re-requested from the borrower. A loan will remain in document review until all outstanding information is received, but will typically only last approximately Three (3) days. When all documents are in place, an appraisal is ordered - it typically takes Two (2) days for the appraiser to contact you to schedule a suitable time to perform the inspection, and an additional Three (3) days to complete the appraisal document.
Loan Underwriting / Approval
Upon receipt of the appraisal by your mortgage broker/lender, your loan package is submitted into the lender's underwriting department for review and approval. This process requires anywhere from Seven to Ten (7-10) days, if there are no stipulations brought out by the underwriters examining your loan. Any stipulations must be cleared immediately by you or your mortgage broker in order to avoid delaying your mortgage. Once the loan approval has been received, the loan moves into the closing department and for final appraisal review.
Loan Closing
In the closing department, your loan is reviewed by a mortgage processor who ensures that all documents are finalized, and coordinates all issues accompanying the closing, such as completed title work, final payoff amounts, and insurance information. Your final loan package is then forwarded to the title company where you are contacted to sign all necessary paperwork in conjunction with the mortgage.
Under the best circumstances, most loans take approximately Thirty (30) days from start to finish, excluding the Three (3) day rescind period on refinances.
And remember, If you have any questions concerning the loan process at anytime, never hesitate to contact your loan officer.
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