The home loan process can be intimidating. It's a transaction with many aspects that may be unfamiliar to you. Understanding how the process works is a great way to remove a lot of the stress you may feel when making such an important decision.
Below are the 10 core steps of the loan process that must occur in order for your loan to be funded.
Review of your mortgage options based on your specific financial needs. There are a lot of choices and it is my goal to help you find the program that you are most comfortable with, and to ensure you are completely educated on the features associated with your loan choice.
Complete the loan application. I will take your application and ask you to provide important documentation, such as pay stubs, W2s, bank statements, etc., at an early point in the process.
Your personal documentation is gathered. The title of the home and all verifications are ordered when you are refinancing or have a purchase contract. My processor will send disclosures for you to review, sign, and return.
Appraisal of the home is ordered. If you are refinancing, the appraiser will call you to set up an appointment. If you are purchasing a new home, the appraiser will use the lock box or contact the Realtor to access the property.
Loan is submitted to our professional underwriting team for review. This is the first review of your application package to confirm all required information is there and all the numbers are adding up properly.
You receive periodic loan status updates throughout the process. You will be receiving emails and follow-up phone calls from me, updating you at various points throughout the loan process. I am here to support and inform you throughout the entire process.
Your loan is submitted to the signof underwriter for approval. The signoff underwriter reviews all your documentation to determine whether the information provided meets the loan program guidelines. We have some of the fastest turn times in the industry for review of loans, which helps ensure you will go to closing when you planned, with no delays. Your loan is now approved!
Once any conditions of the approval are satisfied your loan is "cleared to close". All parties are contacted and closing/settlement is scheduled. It's around this time you will receive the final closing figures.
Signed documentation is sent to funder. The loan will go through quality control in which a funder makes sure everything is in the file to make it compliant with state and federal law.
Loan funds and you have a new mortgage. For a new home purchase, once the title company receives the funds, they will send the deed to the county recorder's office to be registered and filed. After the loan has recorded, the transaction is complete and your agent may now give you the keys to your new home. For a refinance, no deed needs to be sent, but the terms of your loan are documented and filed.
Rich Hirsch - Senior Loan Officer
Originating Loans in New Jersey and Pennsylvania
NJ LIC #0749868 PA LIC #27282