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Mortgage Tools >> Mortgage Process
What to Expect During the Mortgage Process
- 1) After you make the decision to apply for a mortgage through me, I will request the documents included on the mortgage Application Document Checklist.
- 2) After receiving the above information, I will complete your loan application. I may need additional information to complete the application that should be obtainable over the phone or via email.
- 3) I will request a copy of your credit report that will usually be charged to your credit card (approx. $30).
- 4) Within 3 days of receiving all of the information in steps 1 and 2 above, you will receive a Loan Estimate (LE) as well as other mortgage documentation from either myself or the lender.
Proceeding with the loan
- 5) After delivery of the Loan Estimate (LE), I will need notification from you (signed Intent to Proceed form, delivered in step 4) indicating your intent to proceed with the loan.
- 6) At this time I will need you to sign all mortgage documents previously delivered in step 4 that require a signature. I will provide you with a checklist to make this easier for you.
- 7) If not previously, the loan application will now be submitted to the lender.
- 8) The lender will route your application to their underwriter who will make the final decision of approval on your loan.
- 9) I will request a title search and title insurance.
- 10) I will begin the process for scheduling the appraisal (usually charged to your credit card, cost will vary).
- 11) After proceeding with the loan, we can lock the interest rate at any time. Timing of the rate lock will be your decision and I will provide consultation on the current rate and cost as well as factors to consider such as days until expected closing date and market conditions.
- 12) Upon approval of the application, the lender's underwriter will provide a list of conditions for loan approval. Examples of this include verification of employment and credit inquiry explanations. I will work with the appropriate parties to resolve the issues but may need your assistance with some.
- 13) Appraiser will complete the review and provide the appraisal report. If the appraised value is below the purchase price, all loan calculations will be based on this lower number.
- 14) Once the conditions are completed (including the appraisal), at least 3 days prior to closing you will receive a Closing Disclosure (CD) from the lender/title company which will detail the final closing information for your loan.
- 15) We show up to the closing, you sign your hand sore, and congratulations..your loan is complete.