Once your mortgage professional has received your accepted offer, the processing, underwriting, inspection, appraisal, locking and closing procedures start.
Loan processors are highly dedicated and experienced individuals that review all the documents that are associated with your home loan. They organize all of the paperwork into one file, and make sure that the required documentation is in order. They enforce quality and federal, state and local legal conformance, order documents, track missing and pending items, obtain verifications, and keep you and your mortgage professional informed.
Underwriting is initiated when the loan processor has verified that all the paperwork has been collected and is complete. The underwriter reviews the application, credit report, and supporting documents to determine whether you qualify for the loan product specified in the application. If any information is missing, the underwriter may conditionally approve the loan with stipulations that the information must be attained and approved before the loan can be funded. The mortgage professional or loan processor will let you know if any additional information is needed.
A home inspection is recommended to evaluate the general quality of the home, such as its structural condition and remaining life of major components including the roof, plumbing, heating and electrical wiring.
A real estate appraisal will be ordered when the home or property will be used as collateral for a home loan. The professional written analysis of the fair market value of the home/property provides an estimate of the likely price the asset would bring if sold in a competitive real estate market.
Your mortgage professional will discuss in detail locking in your interest rate for your home loan.
Your mortgage professional will need a copy of your accepted offer. Once we have double-checked all the documentation needed, we will send a qualified appraiser to the property. Their job is to assess the value of the house to help determine if the property supports the loan amount requested. A copy of the appraisal will be given to you for review and once you accept it, your loan will be submitted to underwriting for final approval.