|
If you haven't gone through the
mortgage application and approval process in a while, you're
going to be amazed at how simple and convenient the online
application and loan approval process has become. Spend
a few moments reviewing the four stages below and don't
hesitate to call your mortgage loan counselor if you have any questions.
-
Application
After completing the loan application, an experienced mortgage
loan counselor will contact you immediately to discuss
the best financing alternatives and interest rate lock-in
options for your unique situation.
-
Processing & Approval
In most cases, once your application is complete, it is then underwritten and the approval is granted.
In many cases it can be automatically underwritten (usually
only a five minute process).
-
Signatures
Once your loan is approved, your loan counselor
will contact you to review your loan and any additional documentation that may
be needed prior to your closing or settlement.
You will also receive a loan approval package consisting
of:
* Commitment
letter of approval
* A copy of your application
* Good
Faith Estimate of Closing Costs
* Federal Truth-in-Lending Disclosure
* Any additional
required Compliance Disclosures
-
Funding
Upon receiving your loan approval and any of the required
items mentioned above, your settlement is schedule and
your loan closed.
|
