Blog

Blog

Understanding the Process

Posted on 23 October, 2017 at 22:00

The mortgage process is complex. There are many pieces that must come together when securing finances to purchase a house: income, insurance, appraisals, inspections, credit scores, to name just a few. Each piece comes together like a jigsaw puzzle to complete a home loan. And, like a puzzle, if just one piece is missing, the entire process is incomplete.

The first step of the mortgage process is completing your loan application. In addition to preliminary disclosures and information about the current interest rate, you’ll be given a list of documents that your mortgage team needs to begin your pre-approval process. Then comes the loan set-up. This is where third-party documentation like your home appraisal and title search is ordered. Before your loan can progress, a loan processor puts everything together to send to underwriting for approval. An underwriter reviews and evaluates all of your documents to determine if it is a good idea to loan you money for a particular house. If something is missing or incomplete, the underwriter will send your application back and you’ll have to work with your loan processor to fix or resolve any issues. Things can be delayed if something has been overlooked or forgotten by your mortgage team.

Once your loan application gets approval from the underwriter, the final loan papers are sent to the title company. The title company prepares a settlement statement that includes the final amount of money needed to close on the house. A good mortgage team will make sure that there are no surprises at closing and that everything falls into place at the right time.

Throughout the mortgage process, things occur sequentially and many of the steps are dependent on the thing before. Your mortgage team acts as a coordinator of each piece to help ensure that everything is falling into place and getting done. If something is missing or incomplete, your mortgage (and therefore your move-in date) can be delayed. It is critical that your mortgage team stay on top of things as your loan progresses. No one wants to have their closing date delayed because of an oversight or paperwork error. Getting a mortgage is a complex process and you can trust the professionals at Team Neal to be reliable and keep you informed about each step of the process. 


Categories: Mortgage Approval Process, First Time Homebuyer

Post a Comment

Oops!

Oops, you forgot something.

Oops!

The words you entered did not match the given text. Please try again.

56 Comments

Reply jordan retro
14:58 on 17 September, 2020 
Oh my goodness! an incredible article dude. Thanks However I'm experiencing difficulty with ur rss . Don?t know why Unable to subscribe to it. Is there anyone getting equivalent rss downside? Anybody who knows kindly respond. Thnkx
jordan retro http://www.jordan-retro.us.com
Reply kd shoes
21:35 on 16 September, 2020 
You made some respectable points there. I appeared on the internet for the issue and found most people will go together with with your website.
kd shoes http://www.kd12.us.com
Reply hermes bag
19:21 on 16 September, 2020 
Can I just say what a relief to find someone who truly knows what theyre speaking about on the internet. You definitely know the right way to convey a problem to mild and make it important. More individuals must learn this and perceive this aspect of the story. I cant imagine youre no more in style because you undoubtedly have the gift.
hermes bag http://www.hermes-handbags.us.com
Reply stephen curry shoes
14:48 on 16 September, 2020 
There are some interesting deadlines in this article however I don?t know if I see all of them center to heart. There may be some validity but I will take maintain opinion until I look into it further. Good article , thanks and we want extra! Added to FeedBurner as effectively
stephen curry shoes http://www.stephcurry.us
Reply kyrie 6 shoes
6:22 on 15 September, 2020 
I?m impressed, I need to say. Actually hardly ever do I encounter a weblog that?s each educative and entertaining, and let me let you know, you've got hit the nail on the head. Your concept is outstanding; the problem is one thing that not enough people are speaking intelligently about. I am very pleased that I stumbled throughout this in my seek for one thing regarding this.
kyrie 6 shoes http://www.kyrie-6.com
Reply supreme hoodie
18:50 on 14 September, 2020 
Oh my goodness! an incredible article dude. Thank you Nonetheless I am experiencing situation with ur rss . Don?t know why Unable to subscribe to it. Is there anyone getting similar rss drawback? Anybody who knows kindly respond. Thnkx
supreme hoodie http://www.supremes-clothing.com
Reply giannis antetokounmpo shoes
16:50 on 14 September, 2020 
Aw, this was a really nice post. In thought I would like to put in writing like this moreover ?taking time and actual effort to make an excellent article?but what can I say?I procrastinate alot and on no account seem to get something done.
giannis antetokounmpo shoes http://www.giannisantetokounmposhoes.com
Reply steph curry shoes
2:12 on 14 September, 2020 
A formidable share, I just given this onto a colleague who was doing a little bit evaluation on this. And he in reality bought me breakfast as a result of I found it for him.. smile. So let me reword that: Thnx for the treat! But yeah Thnkx for spending the time to discuss this, I really feel strongly about it and love reading more on this topic. If potential, as you change into experience, would you thoughts updating your blog with extra details? It is highly helpful for me. Large thumb up for this blog publish!
steph curry shoes http://www.curryshoes.net
Reply supreme
9:28 on 12 September, 2020 
It's best to take part in a contest for among the finest blogs on the web. I will recommend this website!
supreme http://www.supreme.us.org
Reply supreme
2:07 on 12 September, 2020 
After I initially commented I clicked the -Notify me when new feedback are added- checkbox and now each time a comment is added I get 4 emails with the same comment. Is there any way you possibly can remove me from that service? Thanks!
supreme http://www.supremesclothingstore.com
Reply jordan 6
18:08 on 11 September, 2020 
An fascinating discussion is price comment. I feel that you need to write more on this topic, it may not be a taboo topic however generally people are not enough to speak on such topics. To the next. Cheers
jordan 6 http://www.jordan6.us.com
Reply golden goose sneakers
15:29 on 10 September, 2020 
I found your weblog website on google and verify a number of of your early posts. Continue to maintain up the superb operate. I just further up your RSS feed to my MSN Information Reader. Seeking ahead to studying extra from you later on!?
golden goose sneakers http://www.goldengooseoutlet.org
Reply jordan 4
0:39 on 10 September, 2020 
Oh my goodness! an amazing article dude. Thank you Nonetheless I'm experiencing problem with ur rss . Don?t know why Unable to subscribe to it. Is there anyone getting equivalent rss downside? Anyone who knows kindly respond. Thnkx
jordan 4 http://www.jordan4.us.com
Reply supreme clothing
21:21 on 9 September, 2020 
This really answered my problem, thank you!
supreme clothing http://www.supremeclothings.com
Reply lebron james shoes
16:46 on 9 September, 2020 
I was very happy to seek out this web-site.I wished to thanks to your time for this glorious read!! I positively having fun with every little bit of it and I have you bookmarked to take a look at new stuff you blog post.
lebron james shoes http://www.lebronjamesshoes.name
Reply balenciaga sneakers
15:27 on 8 September, 2020 
This site can be a walk-through for all of the information you needed about this and didn?t know who to ask. Glimpse here, and also you?ll undoubtedly uncover it.
balenciaga sneakers http://www.balenciaga.us.com
Reply kyrie 6 shoes
1:44 on 8 September, 2020 
Howdy! I simply would like to give a huge thumbs up for the good information you may have here on this post. I might be coming again to your blog for extra soon.
kyrie 6 shoes http://www.kyrie6shoes.us
Reply goyard
21:36 on 7 September, 2020 
A formidable share, I simply given this onto a colleague who was doing a bit evaluation on this. And he in actual fact purchased me breakfast because I found it for him.. smile. So let me reword that: Thnx for the treat! However yeah Thnkx for spending the time to debate this, I really feel strongly about it and love reading more on this topic. If possible, as you change into expertise, would you thoughts updating your weblog with extra details? It is extremely helpful for me. Massive thumb up for this weblog publish!
goyard http://www.goyardus.com
Reply supreme clothing
17:00 on 7 September, 2020 
This actually answered my drawback, thank you!
supreme clothing http://www.supremehoodies.us
Reply supreme clothing
14:33 on 6 September, 2020 
I?d should test with you here. Which is not something I usually do! I get pleasure from studying a publish that can make folks think. Also, thanks for permitting me to comment!
supreme clothing http://www.supremes-clothing.com