- Application
1-3 hrs - Loan Processing
2 days - 2 weeks - Appraisal
1-2 weeks - Underwriting
1-5 days - Closing
1-2 hrs
STEP 1 - Application
Your application is the official start to the process and truly focuses on choosing the best loan program, having you read and sign each loan document and submitting the necessary personal information and documentation needed to move forward.
STEP 2 - Loan Processing
After your application is accepted a Processor will put together your entire loan package so that it may be underwritten. The Processor reviews your credit report and verifies your debts, payment histories and employment status.
STEP 3 - Appraisal
An important and necessary practice in determining the value of your property, an appraisal is ordered to be sure that you are paying a fair market value for the home you are purchasing or refinancing - the appraisal is added to your loan package and used in underwriting.
STEP 4 - Underwriting
Once ready your loan package will be sent to an underwriter who reviews your application, documentation, financial information, sales contract, appraisal and title to be sure all the necessary requirements have been met based on the loan program you are applying for.
STEP 5 - Closing
On the day of your closing you will sign all the final documents and the loan will be funded. Typically your first mortgage payment will not be due until the second month after your closing date. Congratulations on becoming a homeowner!
Your application is the official start to the process and truly focuses on choosing the best loan program, having you read and sign each loan document and submitting the necessary personal information and documentation needed to move forward.
STEP 2 - Loan Processing
After your application is accepted a Processor will put together your entire loan package so that it may be underwritten. The Processor reviews your credit report and verifies your debts, payment histories and employment status.
STEP 3 - Appraisal
An important and necessary practice in determining the value of your property, an appraisal is ordered to be sure that you are paying a fair market value for the home you are purchasing or refinancing - the appraisal is added to your loan package and used in underwriting.
STEP 4 - Underwriting
Once ready your loan package will be sent to an underwriter who reviews your application, documentation, financial information, sales contract, appraisal and title to be sure all the necessary requirements have been met based on the loan program you are applying for.
STEP 5 - Closing
On the day of your closing you will sign all the final documents and the loan will be funded. Typically your first mortgage payment will not be due until the second month after your closing date. Congratulations on becoming a homeowner!
