The first thing you need to do is to talk with a mortgage loan officer and see how much of a home you can afford. If youve never been through this before, it sounds intimidating. Dont worry, it isnt. Most of the process can be done over the phone in a short conversation where I go over your financial situation and short and long term goals. I take note of your income, debts and employment history, your savings and what you are trying to gain through buying a home. This first conversation helps me to find not only how much of a loan you can qualify for, but what program works best for you and your situation. Sometimes I see problems that will keep you from buying now, or which would mean the cost would be higher. When this happens, my goal is to give you a road map on what you can do to fix these problems so you will be able to buy a home in a way that works best for you. After initial pre-qualification, I will need to get documentation of your situation. This usually includes W2s, pay stubs and bank statement, possibly more depending on your situation. I will then run your credit and put your loan through our automated underwriting system. At this point I have a full pre-approval, and know that you are well qualified to buy a home. You are now free to start looking for a new home.
Once youve found your home and have a contract, the mortgage process starts in earnest. It is my job to start things moving and coordinate everything through the close. This usually takes between 30 and 60 days from start to finish. I will need to get a signed application package from you, which will show the program you are going with, the total estimated costs for closing and the terms of your loan. We can go over this in person or I can send it out and we can go over everything over the phone. Either way, its your choice. I will make sure that all your documentation is up to date, and that your package is complete. Then I order the appraisal and any other specific things needed, and turn the loan in for processing. My job is to make sure your loan meets all the guidelines and will be approved. My processors job is to double check me, make sure that all the Is are dotted and Ts are crossed. At this point if there is anything missing from the file, she will let you know what is needed. Once the appraisal is in and we have a complete package, the loan goes into underwriting for the final approval.
The underwriter is the person who has the final say on your loan approval. Their job is to verify that your situation meets all the guidelines of whatever loan you are applying for (FHA, conventional or whatever) and that there are no unanswered questions. Underwriters are trained to look for inconsistencies and problems that may lie below the surface. Some would call them professional nit pickers, they will require that everything fits together seamlessly. A good loan officer anticipates what the underwriter will need, and takes care of any potential problems before an underwriter ever sees the file. Once you have a clear to close approval, break out the Champaign, you are ready to close.
The mortgage loan process doesnt have to be hard. Find a good loan officer and they can guide you to a smooth closing.
Once youve found your home and have a contract, the mortgage process starts in earnest. It is my job to start things moving and coordinate everything through the close. This usually takes between 30 and 60 days from start to finish. I will need to get a signed application package from you, which will show the program you are going with, the total estimated costs for closing and the terms of your loan. We can go over this in person or I can send it out and we can go over everything over the phone. Either way, its your choice. I will make sure that all your documentation is up to date, and that your package is complete. Then I order the appraisal and any other specific things needed, and turn the loan in for processing. My job is to make sure your loan meets all the guidelines and will be approved. My processors job is to double check me, make sure that all the Is are dotted and Ts are crossed. At this point if there is anything missing from the file, she will let you know what is needed. Once the appraisal is in and we have a complete package, the loan goes into underwriting for the final approval.
The underwriter is the person who has the final say on your loan approval. Their job is to verify that your situation meets all the guidelines of whatever loan you are applying for (FHA, conventional or whatever) and that there are no unanswered questions. Underwriters are trained to look for inconsistencies and problems that may lie below the surface. Some would call them professional nit pickers, they will require that everything fits together seamlessly. A good loan officer anticipates what the underwriter will need, and takes care of any potential problems before an underwriter ever sees the file. Once you have a clear to close approval, break out the Champaign, you are ready to close.
The mortgage loan process doesnt have to be hard. Find a good loan officer and they can guide you to a smooth closing.