The Mortgage Process

Hi, I'm Michele Langhauser and I'm Tim Langhauser, and we're with Compass Home Group Today, we're going to talk about the dreaded Mortgage Process

Relax, it's not that bad! There are four key components to get you, to the settlement table So the first step is, the pre-approval process This will basically just be a phone call or one on one meeting with you and your loan officer During this time, they will walk you through the different loan programs and any grant options that are available for you, and come up with a number that you are pre-approved for Step two is your application process

Now that you're under contract, you will meet with your lender again and give them all the documents outlined to put your loan in process The third step of the process, your file will be moved from your mortgage professional to the underwriter In this process, the underwriters going to review all your documents for accuracy They make kick back a little bit and ask you for some additional documentation If this is the case, don't worry, just turn those documents around as quickly as possible, and let's work you to closing

The last step, you're finally here! You are CLEAR TO CLOSE! Your loan has been cleared to close and you will get a formal closing disclosure at least three days prior to closing This closing disclosure will outline all of the costs detailed to you at the beginning of the transaction, and you will have to sign that and return it to the lender in order to settle on time Please give this your immediate attention If you have any additional questions on the mortgage process, or if you need us to connect you with a local professional lender please click on the link in the description below