Mortgage Process

PRE-APPROVAL: During this process, the mortgage lender will review your financial situation to determine, (A) Whether or not you’re qualified for a loan, and (B) How much you’re qualified to borrow. This happens before house hunting, hence the “pre” title.

MORTGAGE PROCESSOR:

A Mortgage Processor oversees the necessary paperwork and documentation required for someone to apply for a loan. Their duties include carefully reviewing mortgage applications to confirm that all essential fields have been filled out, organizing additional supporting documents (paystubs, tax returns, w2’s, financial statements, etc.), and submitting applications on schedule.

UNDERWRITING: During this process, the lender’s underwriter (or underwriting team) will carefully review the loan application and other supporting documents to ensure that the borrower and the property meet all appropriate guidelines and requirements.

CONDITIONAL APPROVAL: In some lending scenarios, the underwriter might issue what’s known as conditional approval. This means the borrower is one step closer to closing but the underwriter still needs some additional documents or information in order to give the final “clear to close” sign-off.

CLOSING DAY: When all is said and done — and all of the loan documents have been prepared, reviewed, and finalized — the borrower can attend the closing and finish up the process.