During your initial meeting, your lender will explain the types of products as well as rates and qualification options available to you. The lender will then help you select a product that is right for you. As you are talking with your lender, they will begin collecting information to expedite your loan application. It will further expedite your loan process if you have the following at the time of your interview:
The loan application asks for some general information such as your employer, income, along with information about the property. Some areas that are often left incomplete and could cause some delay in the application process are:
*Remember, a completed application will expedite your loan request.
**The loan interview and the application can be done at the same time.
Once the loan application has been completed and the necessary documentation has been delivered, then loan processing will review the application and all supporting documentation. Once the information has been verified, the processors will order a mortgage credit report and appraisal. Then when the credit and appraisal are complete, the processor will forward it to automated underwriting for approval.
Once the underwriters approve the loan, your loan is ready for closing. The closing is where the documents for the loan are signed. The following documents are key documents signed at closing: