The third and final stage in the home loan process is the mortgage loan process. The mortgage loan process typically begins after executing a purchase contract with the seller.
Please revisit the do’s and don’ts from the “qualifying for a home loan” section to ensure a smooth closing. You may also want to visit our closing costs overview and our mortgage payment calculators in the mortgage resource library.
Mortgage Loan Process
The mortgage loan process is done in a series which means steps cannot be skipped. A typical purchase contract is written for 30 calendar-days. This means there are only 20 business-days until closing. You’ll find there’s very little spare time along the way. Being quick in the beginning provides a cushion for slower third-party items.
Responding quickly promotes a smooth closing.
Please answer your phone and check your email daily (if you don’t already). Please note we’re not fond of text messaging because emails provide a written record AND are accessible by all of our team members. Please use MortgageMark@HomeBridge.com for prompt responses throughout the mortgage loan process.
Mortgage Loan Process Outline
- Loan Packaging & Lender’s Disclosures (1-2 days)
- Loan Setup (2-3 days)
- Processing / Credit Approval (2-3 days)
- Initial Underwriting Approval (2-3 days)
- Sign the Initial Closing Disclosure (CD) (Immediate)
- Final Underwriting Approval (1-2 days)
- Docs to Title / Final CD Issued (1-2 days)
- Closing & Funding (TBD)
- After Closing
Four Paperwork Stages
A lender will request paperwork from you at four different instances through the home loan process.
1. The first request is already completed – it was done when you got pre-approved. The next three requests are forthcoming and are noted below with red text in the “Mortgage Process Outline”.
2. The loan packaging step is largest effort required from you when staring the mortgage loan process. Document requests are drastically reduced after this stage; however, the urgency will be intensified the closer we get to closing.
3. The processing step involves the Loan Processor reviewing your file along with third party documents (like the appraisal, title work, your verification of employment, etc.). They may request additional information should is be needed before submitting the loan to underwriting for the conditional approval.
4. The fourth and final step where we request paperwork comes when your file is underwritten. Underwriters meticulously reviews files to ensure they meet all guidelines. It’s normal for additional information or documentation to be requested. These “conditions” are typically quick and easy requests.
Mortgage Loan Process Overview
You will be seeing this outline throughout the mortgage loan process. We’ll highlight each stage on it’s respective page so that you’ll know where you are in the process. As always, please contact us if you have any questions.
As always, please contact the Mortgage Mark Team should you have any questions. We’re here to help.
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