What To Expect During The Processing Of Your Loan:

Most mortgage loans will follow a process similar to the one listed below:

    1)    Complete an application with your Loan Officer and provide copies of
           required, supporting documentation, such as pay stubs, W-2’s and bank
           statements.

    2)    The lender will usually run a “pre-approval” (an approval issued by an
           Automated Underwriting System (AUS)) that reviews credit, qualifications,
           and loan parameters.

    3)    A Loan Processor will process your file, which usually includes ordering
           an appraisal, opening title with a title company, verifying employment,
           etc…

  
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    4)    The file is sent to an underwriter for final review and
            approval. This usually takes from 1-3 days,
            depending on the type of loan and location of the
            underwriter.

    5)    Closing is coordinated between the title company,
           lender, buyer, seller and REALTORS®, and the file
           is prepared for closing.

Many times, while the loan is being processed, you will be working with your REALTOR® to get any inspections done that are required/desired.

The process can vary from file to file, depending on the loan program and the specific circumstances of each situation. Your Loan Officer will keep you informed throughout the process.