What to Expect From Your Home Loan Application
Feeling overwhelmed or apprehensive about the mortgage application process? Our step-by-step guidelines will ease your concerns, walking you through the process from start to finish.
Here at Premier, we believe the homebuying process should be exciting and joyful – not stressful. To simplify the process, we’ve broken down our loan application process into five simple steps.
If you encounter any questions or concerns along the way, have no fear – our expert loan officers will guide you through the process. Our goal is to help you make an informed decision. Contact us.
Our 5-Step Mortgage Loan Process
We’ve broken down the process into simple, easy-to-follow stages. In straightforward terms, here’s what you can expect from Premier when applying for your home loan:
Prequalification is the first step in your loan process. To prequalify you, we will obtain your preliminary credit report for review, and we’ll need information about your income and monthly obligations. From there, we’ll work quickly to determine the maximum price point you can afford. You can then use this number to guide your home search.
You’ll next complete a mortgage application online or with a loan officer. As part of your application, you’ll be asked to provide a number of documents to verify your income, employment, and other details. Your loan officer will also discuss the closing costs you’ll be responsible for and give you a loan estimate, which itemizes the rates and associated costs for your specific loan. For more information on the documents you’ll want handy, see our loan checklist.
Processing and Underwriting
Next, we’ll order a property appraisal, title insurance, property survey, and credit reports, and we’ll mail out requests for verifications, such as employment, bank deposits, rent, and any other documents needed to confirm your application details. The documents you’ve provided us will be reviewed at this time as well, and if any additional documentation is needed, we’ll notify you as soon as possible.
One of our expert processors will then review your credit report and verify your monthly obligations and payment histories. If late payments, collections, or other issues are identified, we’ll ask you to provide written explanation for these items. Once approved, your loan will then be submitted for underwriting review.
Underwriting is nearly the last step in the process. The underwriter assigned to your loan will review the final application and ensure all required documentation is present. They may ask you to supply additional documentation to ensure your loan conforms to standard underwriting guidelines.
Once your loan comes out of underwriting, it is fully approved and your closing time is scheduled. This typically occurs between 20 and 30 days after your application is filed. At closing, you will sign the final documents, your loan will be funded, and you’ll get your keys. You’re now the proud owner of a new home!
The house is yours. Congratulations!
For more details on the mortgage process, contact a Premier loan officer today. We’ll walk you through your mortgage application step by step, from start to finish. The process is very simple.