What happens after I apply?

The time it takes to complete the loan process will vary for each application. Here is a list of the stages required to process a mortgage. Remember, by completing your application completely and accurately will help move the process along. Some of these stages can take a few minutes while others can take a few hours.

After you apply, a Loan Originator will be in contact with you for verification and to collect any required documents to support your loan request and the required fee. The time in processing your loan can vary depending on how quickly the loan officer receives the documents needed.

An appraiser will be contacted to do an appraisal to determine the value of the property. This generally can take a week to receive back and is based on recent sales in the market.

We will request a merged credit report through a credit reporting agency to verify any outstanding debts and payment history.

Income is generally verified by copies of recent pay stubs,W-2 forms, tax returns or by your employer.

To confirm that you have sufficient funds required to complete your mortgage, copies of bank statements and investment funds are needed.

Once the application is processed, the Loan Originator will submit your completed application for review by the Underwriter. The Underwriter reviews your application and issues a decision based on guidelines of the bank or its investors and the type of loan applied for.

The closing occurs when you have sent back the commitment letter outlining the terms of the loan applied for and then you sign the papers for your mortgage loan. If the loan is for a home purchase, the property is then transferred.