1. Contact is made with a Loan Consultant.
2. All pertinent loan application information is disclosed to the loan consultant and important questions are addressed so the loan consultant can design the proper loan scenario for you.
3. A credit report is pulled.
4. An application is signed.
5. Disclosures are signed.
6. Explanation letters are written to explain specific situations that affect your financial ability to repay a mortgage loan.
7. Supporting documentation is presented by you to the mortgage company to validate the information provided for the loan application
8. An underwriting pre-approval is performed by an automated underwriting service or a manual underwriter.
9. A commitment fee, application fee, or good faith deposit is paid by the homebuyer to the mortgage company.
10. A pre-approval letter with conditions is presented to you. House hunting begins