Overview:
Loan Application, Approval & Closing.
Applying For Your Loan:
- Your Mortgage Broker will fill out a standard loan application
and ask for a complete list of-and documentation supporting —
your assets, debt and employment information (see What
to Bring to Application).
- You will get a Good Faith Estimate that will approximate how
much money you'll need to close on your loan. Your mortgage file
is then passed on to a processor who will track down any missing
information you didn't bring to application.
The Approval Process:
- From processing, your file goes to underwriting where the loan
information is evaluated and the final credit decision is made.
- Once approved, the file is sent to a Mortgage Closer who prepares
the many documents needed for your loan closing.
The Closing:
- The loan closing (also called settlement) usually takes place
at a title company or escrow company. Your real estate agent will
help coordinate a convenient date for you and the seller at the
time you sign your purchase agreement.
- You'll sign all the documents the mortgage company needs for
your note. You'll need to bring a number of items to closing (see
the What To Bring To Closing checklist). When everything has been
signed, the documents get recorded and the house is yours!
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