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The Loan Process

Mortgage and Lending with First Heritage Mortgage NMLS #: 938761

April 14, 2014 10:52 PM

When we bought our first house, I really had no idea what was going on behind the scenes. There were times, however, when I wish I was a little more informed about the process. Here’s a helpful summary of the loan process from application to closing:

Purchaser	Contacts loan officer for financing information Gathers information and documents needed for application Contacts a realtor to begin house hunting
Loan Officer	Discusses qualifying, monthly payments, and cash needed for closing Explains various loan programs available and quotes interest rate Assists you in completing the loan application Leads the team to ensure excellent customer service
Processor	Communicates with you on items necessary for your loan closing Pre-underwrites and prepares loan for approval Coordinates all parties in the transaction
Underwriter	Renders final decision on your loan Requests additional documentation from you Works directly with loan officer and processor to approve your loan
Closer	Assembles package for your closing day Sends package to settlement company
Closing Attorney	Prepares settlement statement and e-mails it to the lender for review Loan officer contacts you to review the settlement figures and cash for closing 24 hours prior to closing
Closing	Takes place at settlement company’s office Bring a certified check to closing Bring driver’s license to closing CONGRATULATIONS on your new home!

With the help of your loan officer, realtor, and closing attorney, you can make it across the finish line and become a homeowner!

If you are considering purchasing or refinancing in Richmond, VA please contact me for a mortgage consultation. To stay informed, follow me on Twitter and like me on Facebook.

If you are interested in purchasing or refinancing in one of the following states, I will be happy to connect you with a licensed loan officer in your state: Maryland, Delaware, Connecticut, Florida, Georgia, Maine, Massachusetts, New Hampshire, New Jersey, North Carolina, Pennsylvania, Rhode Island, South Carolina, Washington D.C., or West Virginia.