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Find Your LenderResources » Explanation of the loan process
The mortgage loan process can be broken down into easily understandable steps. Knowing what step or phase you are in during the loan process can give you the peace of mind you need to be comfortable with the sometimes lengthy time frames mortgage transactions require. It’s not uncommon for a mortgage, from application to closing, to take three weeks or longer. When you're ready to start the process, contact a BeatMyBroker.com mortgage expert.
The first phase of the loan process is taking an application with your broker or bank. The loan officer you are working with will collect several pieces of information to complete a residential loan application. To complete an application, you will need to provide personal information such as social security number and date of birth, employment and income, assets, real estate owned, and a number of other items. The application usually takes about 20 minutes.
Next, your loan needs to be pre-approved. Using the information from your application and the requirements of your specific loan, the loan officer will attempt to obtain a pre-approval. If you are pre-approved, you will need to provide documentation to substantiate the information you provided on your initial loan application. An appraisal of your property is also ordered at this stage to determine the value of your property.
After you have provided all necessary documentation needed for you loan approval, your loan file will be submitted to underwriting. An underwriter will verify the information you provided in Step 2, assess your specific loan for risk, and ensure that your home’s value is sufficient for your loan request. It is during this phase that certain processing activities are also performed for your mortgage approval. These activities include collecting property insurance information, a title report, and any other information required by the lender that the loan officer needs to submit for your approval.
Once you’ve satisfied all requirements in the underwriting stage, the actual loan documents you will sign at closing can be prepared. These items will be sent to your escrow or title insurance company to perform the signing.
It’s time to sign your loan documents. Signings usually take place at the escrow or title insurance company and sometimes a notary can even travel to a location convenient to you to complete the signing. After you sign your documents, they are sent back to the lender for final review. If you are refinancing, a three day rescission period is the norm. During this period, your loan will not fund. If you want to cancel your refinance, you can do so at this time. This usually doesn’t happen unless you’ve found a substantial discrepancy in the loan promised versus the loan you signed for at the closing. After the three day rescission period, your loan will fund and record at your county recorder office.
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