The Application Process
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- Contact is made with a Loan Consultant.
- 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.
- A credit report is pulled.
- An application is signed.
- Disclosures are signed.
- Explanation letters are written to explain specific situations that affect your financial ability to repay a mortgage loan.
- Supporting documentation is presented by you to the mortgage company to validate the information provided for the loan application
- An underwriting pre-approval is performed by an automated underwriting service or a manual underwriter.
- A commitment fee, application fee, or good faith deposit is paid by the homebuyer to the mortgage company.
- A pre-approval letter with conditions is presented to you. House hunting begins