Mortgage Market Insight Ep. 30: Loan Process after Pre-approval

Mortgage Market Insight Ep. 30: Loan Process after Pre-approval. Your Mortgage - What to Expect During the Underwriting Process

Mortgage Market Insight Ep. 30: Loan Process after Pre-approval video duration 2 Minute(s) 47 Second(s), published by Vivian Chen on 09 11 2017 - 22:05:31.

Last week we have talked about the pre-approval process so lots of you might wonder, what would the actual application be? Will that be very complexed?. Last week we have talked about the pre-approval process so lots of you might wonder, what would the actual application be? Will that be very complexed?

Interview Questions for Mortgage Loan Underwriter.What makes your comforts about an Mortgage Loan Underwriter position?What encouragement preparation How To Avoid Mortgage Loan Denial By Underwriters Home buyers depend and rely on a mortgage pre-approval by their lenders
Once they get a written You've found the perfect home, you have an accepted offer, and you've made it through the initial document review! What's up next? Underwriting! This video .

Last week we have talked about the pre-approval process so lots of you might wonder, what would the actual application be? Will that be very complexed? The answer is no, let me show you how simple it can be.
1. After you got pre-approved and found your desired property, now you are ready to actually start to apply for a loan.
2. Since it might be several weeks or even longer since you got pre-approved, at this time, you will have to give us any updated paperwork like your most recent bank statements, paystubs and tax returns. And then signing loan application and disclosure form. After that, our processing team will submit your loan application to underwriter. Meanwhile, you can track your loan progress on our mobile app.
3. After receiving the documents, the underwriting process begins. Underwriter will make sure your income, assets and debt and all other stuff are verified. They may ask you to send more documents depending on the requirements of your loan.
4. In the meantime, we order an appraisal on your behalf. Appraisal is necessary to determine the value of your home or the home you plan to purchase. We will also lock your rate at an appropriate time.
5. After that, closing disclosure will be issued. It discloses all the accurate cost for you loan.
6. And now, you can sign your loan document and wire the rest of your down payment. (Remember: you can only sign your loan document 3 days after the CD signing date).
7. After that, the funding department will review your loan documents and issue funding conditions.
8. Once the funding conditions are cleared, then congrats, lender fund the loan and your title is recorded.
And of course, you can always call us if you have any question about your mortgage.
So now, you can celebrate accomplishing your goal and enjoy your new home!