Fulfilling loan requirements for those seeking a home loan is no cakewalk. For such loan applicants, understanding the mortgage lending process might be slightly confusing and rather daunting. Misunderstandings and a lack of planning may put a halt to getting your mortgage loan approved and thereby putting a standstill to your dreams of purchasing a home. To better understand the processes take a look at some of the steps involved in the mortgage loan application process.
Mortgage Loan Application Process Home Buyer’s Guide
The following is a guide for those looking for a simple overview of the online mortgage application process.
• Getting Pre-qualified & Pre-approved for a loan
You will need to provide your financial details to get pre-qualified for a loan. Your local mortgage lender will verify these details and check whether you will qualify for a mortgage loan. It is important to put in place a budget and keep savings ready to use at your disposal. Make sure your credit score is excellent – to avoid being rejected.
• Choosing A Loan Program
It is best to choose a mortgage loan program that aligns with your objectives and budgetary constraints. Loan officers can guide you through the many various loan options available, seeking the help of a private mortgage agent is recommended.
• Processing The Loan Program
Your mortgage agent will conduct an inspection of your documents and check your financial health by analyzing your credit score and report. After third-part confirmations and rechecking your details, your application will be forwarded for processing.
• Underwriting The Loan Program
Your mortgage agent’s underwriter will verify your application and all associated paper work. They will confirm if it adheres to industry standards and verify other documents such as your property appraisal, insurance documents, income sources and legal terms & conditions. For a positive out come make sure all the application and associated paper work is in good order.
• Loan Approved & Closing Day Set
Once your documents are found to be satisfactory, your loan is approved. The paperwork is completed and funds are distributed to the concerned party on the closing day.
At Drew Mortgage Associates, a Boston mortgage lender, we strive to give the best customer service to our clients and simplify the process of getting approved for a loan. We understand your genuine concerns and guide you through every step of your online mortgage loan application.
To apply for a mortgage loan or better understand the process of a mortgage application, refer to this checklist: https://www.drewmortgage.com/refinance-mortgage-application-checklists
