mortgage simple definition: What does the Mortgage Process Look like?

What does the Mortgage Process Look like?

What does the Mortgage Process Look like?.

What does the Mortgage Process Look like? video duration 1 Minute(s) 46 Second(s), published by GP Theriot - Mortgage Originator on 27 03 2014 - 18:11:17.

There are a lot of steps involved in qualifying for a mortgage
Learn who is involved in the approval process and what happens to your application after you Video 4 of a 5 part series designed to walk you step by step through the home loan process at Assemblies of God Credit Union
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There are a lot of steps involved in qualifying for a mortgage. Learn who is involved in the approval process and what happens to your application after you submit it.\r
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Plenty goes on behind the scenes after you submit a mortgage application. And there are some things you can do to make the process go a little smoother. Here's a step-by-step guide to being ready to qualify for a mortgage:\r
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1. Get your paperwork ready Prepare your W2's, paystubs, employment information, assets, 401K, stocks, and information on the value of cars or boats, etc.\r
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2. Meet with your mortgage banker Talk about what other paperwork you'll need and any surprises that may come up. He/she will pull your credit report and you'll sign the mortgage application that will be submitted to your lender.\r
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3. Prepare for processing A loan processor will review your application and make sure all documentation is in order. They may contact you if additional paperwork or further verification is needed, which happens from time to time.\r
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4. Understand underwriting & appraisal The underwriter decides whether or not your loan application is approved. Your lender will send an appraiser to your home to verify that the purchase price of the home is in line with the value of the house. The appraisal will be a factor in the underwriter's decision.\r
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5. Wait for the final loan approval The loan will go through the quality assurance department. They make sure everything is in order.\r
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6. Set up closing On closing day, you'll sign paperwork committing to your mortgage and get the keys to your new home.\r
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You'll sign the loan documents. Usually the loan will fund the next day and then record the following day.