Planning for Your Mortgage
Mortgage Loan Process
Application - Complete a mortgage loan application.
Pre-qualification - A loan officer will review your provided information from the loan application and give you your pre-qualification. At this time they will also provide you with a “needs list” that will be required to officially start the loan process. Please provide the requested documentation from the needs list within 48 hours. If purchasing, the contract should be provided at this time as well.
Processing - Your mortgage loan officer and loan processor will work together to validate and prepare your file to be submitted for underwriting review. It is crucial that all documents are accurate and provided to the processor in a timely manner so it does not hold up your application. During this time the processor will order the title and appraisal.
Underwriting - The underwriter will review your file to conditionally approve or deny your loan. If conditionally approved, the underwriter will send a conditions list to your loan processor to satisfy. Your loan processor may request your assistance. Please provide any requested documentation within 48 hours. Once collected, the conditions will be sent back to the underwriter for approval. Conditions are standard on all loans, and sometimes multiple submissions to underwriting are required.
Final Approval - Cleared to close! Once all conditions are met, the underwriter will issue a clear to close allowing your loan processor to officially move your loan over to the closing department.
Closing - The closing team will work with attorneys to start the closing documents. Due to regulations, a closing disclosure must be provided to the borrower a minimum of three business days before closing takes place.