THE MORTGAGE LOAN PROCESS

PRE-APPROVAL/ INTERVIEW

• Application interview
• Lender obtains all pertinent documentation

LENDER PRODUCES PRE-APPROVAL LETTER

WAIT FOR BUYER’S ACCEPTED CONTRACT 

ORDER DOCUMENTS

• Verifications of employment, bank records, proof of funds in accounts, etc.

ORDER INDEPENDENT APPRAISAL OF PROPERTY (THIS PROTECTS LENDER AND BUYER)

• If at or above purchase price - proceed
• If below purchase price: 1) seller reduces price, 2) buyer brings more cash, or 3) the deal is cancelled

LOAN SUBMISSION

• The loan package is assembled and submitted to the underwriter for approval.

DOCUMENTATION

• Supporting documents come in.
• Lender checks on any problems.
• Request for any additional items are made.

DOCUMENTS ARE DRAWN

• Loan documents are completed & sent to title company.

FUNDING

• Lender reviews the loan package. 
• Funds are transferred to title company for transfer to seller at closing.

Important Note: Don't finance any major purchases that might affect your creditworthiness between pre-approval and the closing of your home! Also, don't move substantial money among accounts without consulting lender. This can delay closing!