What to Expect from the Mortgage Loan Process

While the home loan process can differ from state to state, here are the basic steps you can expect to follow in the mortgage loan process. Generally closing will occur within two to four weeks.

Loan Application

The mortgage loan application is generally completed with a 15 minute phone interview. You will need to provide detailed information about you and the property you wish to buy or refinance, and about your personal finances. We will examine this information, as well as your credit history and issue a tentative approval while you are still on the phone.

Locking your rate

Immediately following your application interview and receiving a tentative approval your Loan Officer will send you a secure email containing your completed loan application, disclosures and Good-Faith-Estimate for your review and signatures. Once returning your application package we will be able to lock your rate or float your rate until you are ready to lock it. Your loan officer will provide you with guidance with this.

Appraisal

Your property will be appraised to determine its value. The appraiser will visit the house and will also consider sale prices of comparable houses.

Loan Review Process

After the appraisal, the loan file is submitted to the underwriter for your loan to be reviewed.

Escrow and Title Preparation

A title company will hold the money and documents until all conditions of the mortgage approval are met. Title work will be prepared, including a title exam to ensure the title to the property is clear. Other documents such as the mortgage note and deed will be prepared.

Signing

The documents will be sent to a title company for you and the seller to sign. Funds such as any remaining down payment and closing costs will be due at this time. Closing costs normally include such items as appraisal fees, title exam, settlement fees, title insurance and credit report fees.

Title Transfer

When all funds are collected and the contract has been verified, the title is transferred and the purchase price funds are disbursed to the seller. After this step, you can take over the keys to your new home — congratulations!

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