Once you have been pre-qualified and you have a home under contract you will work with your "homebuying team" which includes your lender, your attorney, and your real estate agent, very closely to close your loan - the final step in the home buting process.
The mortgage process usually takes about 30 das from start to finish, but this timeline will vary by lender, so be sure to speak to your lender about their specific timelines.
STEP 1: Complete the Loan Application
In step one of the Mortgage Loan Process the borrower can expect to complete the loan aplication, the 1003, with the loan officer. The applicationis 4-5 pages long and includes detailed questions about the borrower, the property and the type of financing being requested.
- Document Collection
The loan officer will also collect additional documenation from the borrower to complete the file in preparation for review by the Underwriter.
At this time, the loan officer is gathering information that tell your "financial story" to the underwriter. It will explain who you are, and why you are qualified for the financing requested.
Borrowers should be aware that delays in providing requested documentation to the lender can cause closing delays.
- Loan Terms
The lender and the borrower will have a discussion about and agree on the loan terms which will include the following topics:
- monthly payment amount
- estimatd closing costs
- interest rate