When you come to meet with us for the first time we’re going to want to see your W-2s, your paystubs, and your tax returns. Your mortgage loan officers will request asset verification documentation for at least two months, and all mortgage loan officers will ask your permission to request your credit report. When and if we determine your potentiality eligibility for a mortgage loan we can move forward with the next step. We’re going to take a formal mortgage application and when that completed application is entered into our computer system, it will move over to our processing department and on to our underwriters. With us, it’s very simple as our processors and underwriters are all in-house, under the same roof.
Our underwriters review your application and supporting documentation including your credit report, then they put together a proposed mortgage proposal for your review, or they may have additional questions. They may come back to you with additional concerns or they may include conditions as a mortgage loan requirement They may see something on your credit report and they might want to letter of explanation. While this is all happening, you will order an appraisal from an independent appraiser. The appraiser will make the appointment to view the property. When the appraisal report is completed and returned, our underwriting department will review it to make sure that the property value supports a loan-to-value ratio that is compatible with your mortgage requirements. If everything goes smoothly, we get the green light and there’s a final loan approval. The home loan is going to go through our quality assurance department, making sure that every I is dotted and every T is crossed. Then, we will transition the loan to our closing department. They will set up an appointment and you will meet with us to sign the mortgage loan documents. You will have the opportunity to inspect the property on the closing date to insure that all agreed upon conditions have been fulfilled. Your realtor will give you the keys to your new home at the closing.
There are a lot of steps to qualifying for a mortgage before the approval actually goes through. Your
loan officer will let you know what’s needed, but you should know the steps ahead of time to help you prepare yourself. Having all of your paperwork ready in advance will help the process run smoothly and will facilitate closing your mortgage loan without unnecessary delays.