What to Expect During the Your Mortgage Process
Updated: Jul 23, 2018
The home buying process can be a bit overwhelming at times, but the Shelly Cohn Team is here to help you! We will identify the price range you qualify for and discuss the monthly payment that fits your budget and comfort level. This will allow you to see the big picture prior to finding the home of your dreams. Team Shelly will help you identify the best program to fit your needs!
We will identify the price range you qualify for and discuss the monthly payment that fits your budget and comfort level. This will allow you to see the big picture prior to finding the home of your dreams. Shelly will help you identify the best program to fit your needs.
2. Mortgage Application
During this time, we will meet to gather various required documents such as bank statements, pay stubs, tax returns, W-2s, etc. We can conveniently do this via secure uploading to our site, email or personal meeting in the office.
3. Mortgage Processing
Once your documentation is received, our processor will verify and validate all of the information. We may send verification requests to your employers, mortgage holder/landlord and/or lending institutions. This is done electronically to avoid delays. During this time frame, the appraisal and title policy are ordered as well.
4. Mortgage Underwriting
The underwriter will review your loan package to make sure it conforms to all the guidelines required for that loan product. They also review the appraisal, title report and may request anything else they feel is necessary. The make the ultimate decision on the final approval of your loan.
5. Conditions to Close
When the underwriter has completed the review of your loan, they will send "conditions to close" to your loan team. These are typically just additional documents to support your file. When these needs have been satisfied, the underwriter will have a final approval and "clear to close".
6. Clear to Close
When the loan team gets the clear to close, they will schedule and coordinate with all the parties, the time and location to sign the final documents to close your loan. This normally only takes an hour to schedule.
7. Draw Documents
When everything is scheduled, the lender draws up the document package and sends it to the title company. Three days prior to closing, you will receive a final Closing Disclosure to confirm all costs.
8. Closing (Congrats!)
You will meet at the title company to confirm the terms and sign for your purchase. Once the lender receives the signed documents, everything is finalized and the loan will fund.