By: Kathleen Beck – Mortgage Lender
West Coast Mortgage Group
NMLS #243181 | BRE #01058848
There are four important steps in buying or refinancing a home. Before you get started it is important to organize your documents from the “Needs List” (see prior blog for complete “Needs List”) to ensure your loan or refinance is processed in a timely manner without unanticipated hurdles.
In order to simplify the loan process I have summarized the timeline into four simple steps to better understand the process.
- Needs List and Pre-Qualification:
- Your mortgage professional receives your loan application and documents needed to verify your application (see blog on “Mortgage Needs List”) from you.
- Buyer: Your mortgage professional will process your application and issue you a Pre-Approval letter for you and your realtor to use to verify your loan pre-approval for the offers you present to the seller. You can now view homes, make offers and enter into contract with a seller.
- Refinance: Your mortgage professional should process your application and issue you a Pre-Approval letter based on your qualifications and interest rates currently available.
2. Offer Time:
- You made an offer, it was accepted and you are in contract!
- You will receive a Loan Disclosures within 5 days of receiving your complete purchase contract.
- Your appraisal will be ordered and scheduled with your realtor.
- Additional documents may be required at this time to further prepare your file for underwriting of your loan.
3. Underwriting (UW):
- Your loan package is submitted to underwriting for approval.
- The underwriter will send out a Conditional Loan Approval.
- You will work together with your mortgage professional to complete your “Prior To Doc Conditions” from underwriting so your file is cleared to close.
- Your “Prior-To Doc Conditions” are completed and signed off by the underwriter.
- Once underwriting has signed off you receive a clear to close (CTC).
- Your “Closing Disclosure” (CD) is issued.
- You acknowledge your “CD” and your 3-day waiting period begins before you can sign your final loan documents.
- 48 to 72 Hours after you sign the final loan documents, the title company will receive funds from your mortgage lender and records your Deed of Trust (special circumstances apply with holidays and weekends).
The entire loan and refinance process takes approximately 30-45 days and mortgage loan officers work to make this as simple and stress-free as possible for borrowers. If you have questions about the loan process or are interested in learning more about refinancing your home direct message me and lets get you moving towards your home ownership goals.
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