Mortgage Process

Application: Buyer provides personal information to a loan officer for pre-qualification of available loan programs.

Pre-Qualification: Mortgage company determines available loan programs for the applicant based on information provided in the mortgage application.

Documentation: Mortgage company collects all pertinent financial information from the applicant. This includes items such as pay-stubs, W2s, tax returns, and purchase contracts. These documents ensure that the pre-qualification is valid and the application is accurate.

Title Work: All lenders require a title search to review any possible lien "issues" for each and every property. This requires courthouse research and lender verification.

Appraisal: The value and condition of the property is determined in order to validate the property's acceptability for the selected loan program. This is typically done at the applicants expense.

Final Approval: The underwriter reviews all collected information and gives the authorization to close the loan

Closing: The applicant signs all required documents to finalize the transaction. In most cases, loan proceeds are also disbursed on this day if the transaction is a purchase. With refinance loans, proceeds are disbursed after any applicable rescission period has expired.