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"How does the Mortgage process work?" The mortgage process works basically as follows: You speak to a loan officer or mortgage broker and get pre-qualified (figure out how much you can afford). Fill out the loan application with the help of your loan representative, put together documentation on all your finances, and write any necessary letters that might be needed. Additional documentation is requested by the mortgage company such as verifications of employment and deposit, appraisal, title, credit reports, and anything else required depending on the details of your transaction. When all of the information is collected it is put together in a submission package and sent to underwriting. The underwriter reviews the loan and depending on the strength of the loan and the packaging either approves it or denies it. If it is approved any conditions from the underwriter are cleared and the closing documents are ordered. If it is denied it gets packaged again and submitted to a different lender/underwriter. The documents are forwarded to escrow which is where you bring the money for your down payment and sign the papers. The signed documents go back to the lender to make sure everything was signed correctly. After everything checks out the money is wired from the lender to the escrow company. The loan funds and the transaction is recorded and closed. If this is a purchase depending on what your purchase and sale agreement says you get the keys usually the day it records or within a few days.
The loan professional that has made this information available to you specializes in assisting those individuals with obtaining a home loan whether for purchase or refinance. Your loan professional in most cases can advice you on the best approach and help you with your specific loan requirements.
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