Steps In Mortgage Process And Closing Home Loan On Time

Steps In Mortgage Process And Closing Home Loan On Time. [FHA Loan] How to qualify with FHA [Mortgage] Home Loan {FHA Loan}

Steps In Mortgage Process And Closing Home Loan On Time video duration 3 Minute(s) 27 Second(s), published by Gustan Cho Associates on 08 08 2019 - 22:45:38.

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1. Steps In Mortgage Process And Closing Home Loan On Time

* Steps In Mortgage Process Explained

* Home Buyers looking to purchase a new home or homeowners looking to refinance their current home loans need to go through steps in mortgage process.

- The first steps in mortgage process is the pre-approval stage
- The pre-approval stage is by far the most important process of the whole overall mortgage loan application and mortgage loan approval process
- The main reason why mortgage loans get denied at the last minute or there is so much stress in mortgage process is because loan officers did not due his or her due diligence in qualifying borrowers
- Loan officers did not issue a solid pre-approval letter
- Unfortunately, there are loan officers who issue pre-approval letters without thoroughly reviewing the borrower’s tax returns and looking at the unreimbursed expenses the borrower has deducted off their gross income
- Or did not thoroughly review the borrower’s credit report and issued a pre-approval when borrowers were not fully qualified
- Just taking the borrower’s word on how much they make and just checking if the borrower meets the minimum credit score requirements is not enough data to issue a solid pre-approval

2. Steps In Mortgage Process Leading To Timely Clear To Close

Once borrowers get a conditional mortgage loan approval, the next step in the mortgage process is to get all the conditions to get a clear to close .A clear to close is when the mortgage underwriter has signed off on all conditions and in many cases, an underwriting manager has reviewed the file and gave the mortgage underwriter his or her blessings. Clear To Close means the lender is ready to send docs out to the title company and send the funds via wire to fund the mortgage loan.

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