Now that the loan application has bern completed in Step 1 of the process, the loan file must now be officially 'opened'.
The file along with the application and all your documents is sent to a Processor, an individual you will probably end up working with along with your loan officer theoughout the process who'll collect and review additional documents.
The Process 'opens the file' which basically means the disclosures including the Loan Estimate are sent out to the borrower wthin 3 days for signature and a notice is provided that the file or loan is now being processed. The Loan Estimate advises the borrower of estimated costs associated with home financing with that particular lender.
REMEMBER: The Mortgage Process will vary from lender to lender. Speak to your lender about the exact steps in their process.
Please Note: This article is provided for illustrative purposes only. It is not an offer or commitment to lend money, and it is not an advertisement for a specific mortgage or a specific interest rate. Contact me to run the numbers for your situation.