Mortgage Timeline

Securing a mortgage is often one of the most important parts of buying a home. This timeline can help you understand the process:

First things, first!   You should work with a Loan Officer to evaluate your income, credit and liabilities. The Loan Officer will discuss your financial goals and customize a loan product to meet your needs. She can lock in an interest rate for you and help you through the process from start to close.

First things, first!

You should work with a Loan Officer to evaluate your income, credit and liabilities. The Loan Officer will discuss your financial goals and customize a loan product to meet your needs. She can lock in an interest rate for you and help you through the process from start to close.

 
Loan Set Up   In the first few days after finding your desired property, you’ll need to order a residential appraisal, order a Title Search, get Required disclosures sent to you, and verify all applicable entities, such as bank accounts and employers.

Loan Set Up

In the first few days after finding your desired property, you’ll need to order a residential appraisal, order a Title Search, get Required disclosures sent to you, and verify all applicable entities, such as bank accounts and employers.

Loan Processing   Next, your loan package is reviewed to ensure it meets guidleines pror to underwriting. During this time the loan proceessor may contact you regarding:  1. verification of employment  2. home owners’ insurance quote  3. private morgage insurance quotes  4. updated pay stubs and bank statements  5. any outstanding documents

Loan Processing

Next, your loan package is reviewed to ensure it meets guidleines pror to underwriting. During this time the loan proceessor may contact you regarding:

1. verification of employment

2. home owners’ insurance quote

3. private morgage insurance quotes

4. updated pay stubs and bank statements

5. any outstanding documents

Underwriting   In days 15-16 or there about, the lender will evaluate your credit and property to determine adherence to guidelines and give you a status of either Approved, Suspended, Rejected, or Approved Conditionally.

Underwriting

In days 15-16 or there about, the lender will evaluate your credit and property to determine adherence to guidelines and give you a status of either Approved, Suspended, Rejected, or Approved Conditionally.

Closing Day   On Day 17 or 18, your lender will prepare your paperwork and forward it to the title company. The title company will preview instructions and prepare your settlement statement (HUD). Your loan officer will have final closing amounts available for you. You’ll need a cashier’s check made out to the title company, or have funds wired from your bank to the title company.

Closing Day

On Day 17 or 18, your lender will prepare your paperwork and forward it to the title company. The title company will preview instructions and prepare your settlement statement (HUD). Your loan officer will have final closing amounts available for you. You’ll need a cashier’s check made out to the title company, or have funds wired from your bank to the title company.