The Loan Process
After the prequalification process, the application begins. By submitting an application, we will be able to deliver a more in depth analysis of your situation. For example, we run a credit reports, calculate mortgage costs, and provide a more detailed loan estimate to you. Then, if you are happy with the estimate, we will order an appraisal and submit to underwriting. Meanwhile, you’re on your way to the next step!
Next is the underwriting phase. The underwriter is responsible for determining whether the application package prepared meets all the lender’s criteria. If more information is needed by the underwriter, I will keep you in the loop. Subsequently, I will work to make the process as simple as possible to clear any outstanding conditions (i.e. credit, income or property documentation). When the underwriter approves the loan, the title insurance is ordered. Meanwhile, a closing time is scheduled.
Finally, the closing will occur after all conditions are cleared and a full loan approval is issued. At the closing, the lender “funds” the loan with a cashier’s check, draft or wire to the closing agent. Next, the closing agent disburses funds, in exchange for the title transfer to the property. In short, this is the point at which you finish the loan process and actually refinance or buy the house. Closings occur at various places depending on the state. Consequently, fiber.mortgage does provide an online closing solution.
Have more questions on the loan process? Shoot me an email at the address listed below!