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Mortgage Loan Process

Posted Under :  Financial < Services
Total Views :  45
  • Posted By : Maria-John
  • Posted Date : August 27, 2020
  • EmailID : semfairway@gmail.com
  • Rating :
  • Total Votes : 0

Description

Mortgage Home Loan Approval Process USA Fairway Independent Mortgage Corporation is committed to providing our clients with a smooth, stress-free mortgage transaction. While the home loan approval process is often thought to be long and daunting, we are here to guide you every step of the way. Below is a brief overview of the mortgage loan approval process. You can also check out this handy overview on our blog! Step 1: Initial Consultation We recommend reaching out to your Fairway loan officer via email, phone or in person to discuss your home-ownership goals. This initial consultation covers how long you plan on living in the home, the amount of down payment you will need, and how much you want your monthly payments to be. Not working with a loan officer yet? Find a loan officer near you! Step 2: Get Pre-Approved The next and most important step is to get pre-approved. A pre-approval determines how much money you will be eligible to borrow for a mortgage, based on the required documentation you provide and your credit history. Check out our Document Checklist for the basic information required. Step 3: Processing Once you are pre-approved and find a property, your mortgage professional submits your loan file and all documentation to the loan processor. The processor reviews your file and orders your property appraisal. Depending on your situation, the processor may need additional documentation during this step. Once your loan file is completed, the processor submits it to underwriting for approval. Step 4: Underwriting The underwriter reviews your loan file to ensure all guidelines are met for the specific loan program and issues a loan decision. Once your mortgage has been approved and all conditions have been cleared, your loan is moved to “Clear to Close” status. Step 5: Pre-Closing You will receive a loan commitment letter which contains the details of your loan including rate, amount and term along with any outstanding conditions that need to be address

Location : Madison , Wisconsin , 53718



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