1. Mortgage Pre-Approval
The Lender reviews your financial situation to determine how much they're willing to lend.
2. House Hunting & Offer
The home buyer locates a home, negotiates the price, and signs a purchase agreement.
3. Loan Application
The borrower competes a loan application with information about the home that is being purchased/refinanced.
4. Mortgage Processing
The loan processor gathers all of the information needed for the the loan to have a smooth transaction and prepares to submit your file to an underwriter.
5. Mortgage Underwriting
The Underwriter analyzes the loan file to determine if it should be approved or denied.
6. Approval/Closing
The underwriter issues a final approval, and the home buyer attends the closing to finalize the deal.