Once you’ve a finalized contract, it is time for you to submit an application for your loan. You can find four key actions to this procedure. Now you can work with your loan officer to complete your loan application, discuss rates and lock options, and select the loan program that best meets your needs that you know the purchase price and the property address.
1) Loan Application Process
Submit your application for the loan. Your loan officer may make suggestions for this online, over the telephone or in individual.
Submit your articles. To be able to process and underwrite your loan, your loan provider shall request:
- Income documents (such as for example pay stubs)
- Resource documentation (like banking account statements)
- Other paperwork (such as for instance landlord history)
- Other appropriate papers. You may still need to provide some updated documentation if you were pre-approved. Your loan officer will provide you with a list.
Loan Estimate Issued
Within three (3) company days following the application for the loan distribution, the mortgage Estimate will likely to be mailed or emailed for you.
Intent to Proceed
You will suggest your intent to continue because of the home loan deal after receipt associated with the Loan Estimate. Processing of your loan will start when this task was finished.
2) Loan Approval Process
Your loan then moves to your processing phase where that loan processor prepares your apply for review by an underwriter. At this stage, your processor becomes your main point of contact. With this right time, your key duties consist of:
- Supplying any contract changes to your loan processor, renegotiations or fix addenda, if required,
- Finalizing homeowner’s (home) flood and insurance coverage insurance, if relevant. A duplicate of one’s homeowner’s insurance coverage shall be needed 15 days before closing. Continue reading “Make an application for a Loan”