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Michael Kirkutis

Topic: Stages of getting a mortgage

Wednesday, August 21, 2013 - Article by: Michael Kirkutis - MAK Mortgage Company, Inc. - Message

In getting a mortgage loan, you will go through the necessary stages to do so. These are prequalifying, making mortgage application, mortgage processing, mortgage underwriting and the mortgage closing stage. Initially you will get prequalified by the mortgage loan originator who will look at your entire financial picture; income, assets, debt obligations and credit to qualify you for a particular program which fits your needs. Then you will make mortgage application where you complete the residential mortgage application(1003) and the various mortgage disclosures, good faith estimate, etc. Now begins the mortgage processing stage where your information will be verified, appraisal completed on subject property, credit items checked, loan particulars may be run through the FNMA desktop originator system for pre-underwriting findings, etc. Next, the file will be underwritten by the mortgage lender at which point they will issue a mortgage approval, denial or counteroffer(should the loan not fit exactly but needs to be reworked to match the underwriting guidelines). Once the loan is approved with all underwriting conditions cleared, you will move to the closing stage where you will work with the closing attorney's office to prepare all the needed title items, title search, homeowners insurance coverage, etc. Once the mortgage lender has cleared the closing title items they will issue a CLEAR TO CLOSE! Now you will usually go to the attorney's office and close on your new mortgage loan. Congratulations!

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