The Mortgage Process In 7 Steps – Buying A Home

I understand that buying a home has lots of headaches, so I have created this step by step guide to help you understand how the mortgage process work.

Here is what you should expect when working with me during the mortgage process:

Step 1: I Receive The Signed Mortgage Documents.

• All loan documents must be signed, along with a copy of the list of personal documents. (assets, income, etc.)
  
• You will receive confirmation the signed documents have been received and will be notified of any missing items.
  
• The appraisal report and title policy is ordered.
  
• The file is sent to processing, in preparation for underwriting.

Step 2: Appraisal Received.

• You will be emailed a copy of the appraisal report.
  
• I will notify you of the value that came back with the appraisal report and remind you about homeowners insurance.
  
• Your real estate agent will be updated with the results of the appraisal.

Step 3: Loan Goes To Underwriting.

• You will be notified that your file has been submitted to underwriting and I will give you a timeline of when to expect the initial underwriting decision.

Step 4: Loan Is Approved With Conditions.

• I will notify you of the loan approval status and any conditions required are reviewed with you.
  
• Your real estate agent will be updated with the approval status.
  
• Once all conditions are received, the file will go back to underwriting.

Step 5: Final Approval From Underwriting.

• You will be notified of the final approval. This is great news!
  
• Your real estate agent will be updated as well.

Step 6: Schedule Closing.

• The closing date and time can be scheduled with the title company. We need to coordinate a time that works for all parties involved.
  
• Your file will be moved to the closing department and the final documents will be sent to the title company.

Step 7: Closing and HUD-1 (settlement statement) Approval.

• You will be notified when the HUD-1 statement is ready and that is has been reviewed by me to make sure everything is correct. This is one of the most important final documents, because it shows all the final numbers, along with the terms.
  
• This statement will be sent to your agent as well.
  
• Please make sure you have your ID with you at the closing.