The loan process can seem like a mystical experience. You apply, fill out paperwork, submit documents and then you’re either approve, or not. Let’s take a little of the secrecy out of the loan process with this quick overview.
You have filled out your loan application and submitted it. From there, it goes to be processed. During this stage, they are gathering and analyzing supporting statements from the loan application. They’ll contact Escrow, pull your credit report, order an appraisal, verification, and other information needed.
From there it goes to Underwriting where it will receive and in-depth analysis and they will interpret information. They’ll look at mortgage insurance, analyze your credit report, analyze the property and assign conditions.
Then it’s on to the closing and funding! If all goes well, documents will be ordered, the pertinent parties will sign and return them, conditions will be verified, the loan will be funded, and the documents recorded.
Congratulations! You just bought a house!
Navigating the home buying process is made much easier when you know what to expect. Trust in someone with a good reputation, and who is respected in their field. If you need help obtaining a loan, we have a list of trusted professionals and would be glad to help get you started. Do your research, and be prepared, and all will go smoothly!
