I know you've heard all the horror stories, but the Mortgage Process should
typically be very simple. Generally, what complicates it is the inexperience
or inadequacies of the Lender. If you are asked all of the
right questions upfront and supply all of the requested
information/documentation, the process is a breeze. Here
is the typical mortgage process whether you are involved in an online mortgage
application or meeting directly with a Lender's Representative.
Gather information/documentation you may need for the Mortgage Application.
(Paystubs, Tax Returns and/or W2s, Banking Statements, etc.)
Meet with Lender Representative or fill out Online Application.
Supply documentation you have gathered and locate any additional
You will be contacted by the Lender with either an approval as well as any
conditions that apply to your application, a request for additional
information/documentation to complete your approval or a denial along with
the reasons for the denial. *****BE SURE TO GET ALL
TERMS IN WRITING!!!!!!!!*****
After this the appraisal of the property is completed if it hasn't been
The Lender reviews the property appraisal as well as any
information/documentation supplied by you, your Realtor, the title company
or escrow agent and anyone else involved in the transaction.
All conditions are cleared and final settlement is confirmed.
You go to settlement and become a proud homeowner!!!
(or as one of my customers said at settlement, ' a proud loanowner!')
What if it doesn't work this way??? That's where the level of experience
of the Lender's Representative comes into play. If the Representative is a seasoned Loan Officer you should not have many problems or issues to
deal with, but if something comes up, then the Rep's experience level will
come into play. If you're dealing with an inexperienced Representative
or a clerk on the other end of a computer terminal and cannot seem to get
anywhere with the issue or problem, don't waste time... ask to speak with
their supervisor. That should either get them moving or get you some
help. Still not getting anywhere???
Contact me and I'll either see if I can make any recommendations
to help with your situation or perhaps I can get your application
assigned to me, if you like, and help you get the job done right!!