The Mortgage Process


Once the purchase offer has been accepted, it is time to make the formal mortgage application. If you have been pre-approved, the formal application should be relatively pain free. Your loan officer will ask for the details on the property including the taxes, address, deposit amount and purchase price (as well as the amount of any seller concession if applicable). Loan documents will be generated for your signature and you will be provided a breakdown of your closing costs.

Included in your loan documents will be a checklist of items needed in order to process your formal mortgage application. Not every item on the list applies to all clients, however it is critical that as you start your home buying search that you hold on to all paystubs and asset statements until the closing of the mortgage.

Once the required documentation has been signed and copied, the loan is submitted into underwriting and an appraisal is performed on the house to help the lender determine the value of the home. Upon approval of the mortgage, a commitment letter is issued spelling out any items that need to be cleared in order to close. A processor works with the client in order to provide any additionally required documentation and the loan is cleared to close and sent to the attorney’s office to schedule the closing.

The closing should take roughly an hour and at the end you will receive a set of keys and more importantly join the ranks of those who have realized the American dream of homeownership.