The Loan Approval Process
Step 1: The Application
The key to your loan process going smoothly is the initial interview. We make every effort to obtain all pertinent documentation in the beginning in an effort to avoid unnecessary problems and delays.
Step 2: Ordering Documentation
After you apply for your mortgage, we request an appraisal, title work, verifications of employment, assets, mortgage and/or landlord payment history and any other necessary supporting documentation that is needed to get your mortgage approved and closed.
Step 3: Awaiting Documentation
As we receive the necessary documentation, we check for any problems that might arise and request additional items the lender will need. During this time, we keep you and the Realtors (if applicable) informed as to the loan's progress through weekly status calls.
Step 4: Loan Submission
Once we receive all of the necessary documentation, your processor puts your file together and submits your file to our underwriter.
Step 5: Loan Approval
Loan approval generally takes 24 to 72 hours. All parties will be notified of the approval as well as any loan conditions that must be received before the closing can be scheduled. The loan approval is the beginning of the closing process.
Step 6: Scheduling a Closing
Once we have been given a "Clear to Close" approval by our underwriter, we can schedule your closing.more »