Obtaining A Mortgage

Once a Borrower has done what is need to Prepare To Purchase A Home, they are ready to purchasing a home once they have gone under contract and begin the process of Obtaining A Mortgage.  Here my knowledge of the mortgage process, and all the steps that a Borrower will go through from the time they begin to apply for a loan, to the Closing can be a major value to my Borrowers.

The value that I bring during the process of Obtaining A Mortgage starts with being available to provide a Pre-Approval Letter quickly once they are ready to submit an offer.  Many times Borrowers find a house that they want to make an offer on during the weekend, and want to make the offer quickly.  I am available seven days per week, and can be reached at all times on my cell phone.  So providing a Pre-Approval Letter on a Saturday or Sunday is not a problem.

Once the offer has been submitted and accepted, it is equally important to meet with the Borrower quickly so that we preserve as much time as possible for Loan Commitment.  I make it a point to meet with all my Borrowers within three days of them going under contract on a house, and make sure that I e-mail them a list of all the documents that they will need to bring me when we meet.

The Process Obtaining A Mortgage can be very stressful, so I make it a point from first contact to try to make my Borrowers comfortable by explaining each and every page they sign, and answer all of their questions until they understand the answers.  I also explain what will take place from the time the Loan Application is submitted, to Approval, to Closing.

• Application is put into process
• Appraisal is ordered
• Underwriter does initial review of the file
• File is given to a Processor
  
• Processor contacts Borrowers for any additional documents that maybe needed, and for further explanation of documents submitted
  
• Tax Transcripts are requested
• Social Security report is requested
• Employment verification is requested
• Once all requested information and appraisal is received the Processor returns the file back to the Underwriter
• Underwriter finishes underwriting the loan, and approves it
• Underwriter sends approved file to the Closing Department
• Closing Department sends Borrower a Commitment Letter with, the conditions that the Borrower and Attorney will need to complete before a Clear To Close is given.
• Once the Borrower and Attorney complete the conditions on the Commitment Letter a Clear To Close is given.
• Borrower sets a day and time to meet with the Attorney to sign Closing Documents
  

In the next blog I will cover what some of the possible conditions are that the Borrower and Attorney will need to complete before a Clear To Close is given.

Through all of the steps listed above, which comprise the Process of Obtaining A Mortgage, I am there checking with the Underwriter and Processor to make sure that everything is proceeding like it should.  I also stay in touch with the Borrower throughout this process, so I can make sure they understand what is being requested and why.

This is the most stressful time in Obtaining A Mortgage, and it is important to be a calming force throughout it all.  Most of the time all a Borrower needs is just for me to tell them that everything is proceeding as it should, and that what is being asked of them is normal.

Once the Mortgage is approved, one would think that all of the stress would be over in the Obtaining A Mortgage process, but that is far from reality, and we will cover what happens from the time the Mortgage is Approved, and the Closing in the next blog.

Other Blogs In This Series:

Prepare A Buyer To Purchase A Home

Meeting Conditions On Commitment Letter

The Closing

The Post Closing Years

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Who To Call For Your Mortgage Needs In Connecticut:

George Souto NMLS# 65149 is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308  gsouto@mccuemortgage.com, or visit my McCue Mortgage Homepage.