The Mortgage Process

The Mortgage Process

The mortgage loan process doesn't have to be difficult. Once you have made the decision to pursue applying for a mortgage loan with us, you Loan Officer will work with you to obtain the necessary documentation required for a loan decision to be made.

Below is a summary of the mortgage loan process so that you will have a better understanding of what you can expect:

1 - Homebuyer

  • Contact loan originator for financing information

  • Gather information needed for your application

2 - Loan Officer

  • Assists you in completing the loan application

  • Discusses qualifying, monthly payments and cash needed for closing

  • Explains various loan programs available and quotes interest rates

  • Communicates documentation requirements

  • Answers any questions you may have throughout the mortgage loan process

  • Issues a Pre-Approval Letter once a application has been completed.

  • When the Purchase Contract is complete, the Loan Officer sends a Loan Estimate and if accepted then orders the Appraisal. 

 

Also, your Realtor will help you get a pre-purchase home inspection, performed by a professional. This is a visual examination of the readily-accessible areas of a home to provide an accurate evaluation of the home's condition at the inspection. This evaluation is presented to the buyer in a comprehensive report so buyers are fully informed of the home's condition during the mortgage loan process and prior to purchase. While a home inspection is not required, it is highly recommended.

3 - Processor/Processing

  • The Processor communicates with you on items necessary for your loan closing.

  • Pre-underwrites and prepares loan for underwriting approval and works with all parties involved with the mortgage loan process.

4 - Underwriter 

  • Requests any additional documentation needed from you

  • Works directly with loan originator and processor to approve your loan

  • Renders final decision on your loan

Underwriting typically take 2-3 days for the initial underwriting and then 24-48 hours once all conditions have been submitted. Once final approval is given, they will issue a Clear to Close. 

5 - Closer 

  • Assembles package for your closing day

  • Sends package to the closing agent's office

6 - Closing Attorney 

  • Contacts you for your Home Owner's insurance information

  • Prepares Settlement Statement and emails to the processor for review

  • Processor contacts you to review the settlement figures and cash for closing prior to closing

7 - Closing 

  • Takes place at closing agent's office or by a mobile closer

  • Bring a certified check or wire per instructions to closing and any other documentation required by lender or closing agent

  • Bring Homeowner's Insurance with paid receipt for one year


CONGRATULATIONS on your purchase or refinance!

Myles Binford

NMLS#1573403

Binford Mortgage NMLS#2013637

1006 Jeffords St, Clearwater, Fl 33756

(855) 262-8866

Equal Housing Lender.

 

  • LinkedIn - Black Circle
  • Facebook - Black Circle
  • Twitter - Black Circle