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Mortgage Monday: The Loan Process

When we bought our first house, I really had no idea what was going on behind the scenes.  There were times, however, when I wish I was a little more informed about the process.  Here’s a helpful summary of the loan process from application to closing:

Purchaser

  • Contacts loan officer for financing information
  • Gathers information and documents needed for application
  • Contacts a realtor to begin house hunting

Loan Officer

  • Discusses qualifying, monthly payments, and cash needed for closing
  • Explains various loan programs available and quotes interest rate
  • Assists you in completing the loan application
  • Leads the team to ensure excellent customer service

Processor

  • Communicates with you on items necessary for your loan closing
  • Pre-underwrites and prepares loan for approval
  • Coordinates all parties in the transaction

Underwriter

  • Renders final decision on your loan
  • Requests additional documentation from you
  • Works directly with loan officer and processor to approve your loan

Closer

  • Assembles package for your closing day
  • Sends package to settlement company

Closing Attorney

  • Prepares settlement statement and e-mails it to the lender for review
  • Loan officer contacts you to review the settlement figures and cash for closing 24 hours prior to closing

Closing

  • Takes place at  settlement company’s office
  • Bring a certified check to closing
  • Bring driver’s license to closing
  • CONGRATULATIONS on your new home!

With the help of your loan officer, realtor, and closing attorney, you can make it across the finish line and become a homeowner!

loan process

If you are considering purchasing or refinancing in Richmond, VA please contact me for a mortgage consultation. To stay informed, follow me on Twitter and like me on Facebook.

If you are interested in purchasing or refinancing in one of the following states, I will be happy to connect you with a licensed loan officer in your state: Maryland, Delaware, Connecticut, Florida, Georgia, Maine, Massachusetts, New Hampshire, New Jersey, North Carolina, Pennsylvania, Rhode Island, South Carolina, Washington D.C., or West Virginia.

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