There are several processes in getting a mortgage and as mentioned below,

• Pre-Approval:

Pre-approval for a home mortgage is advisable before looking for a property.  This indicates that you are a serious buyer, which gives you the advantage of purchasing a property in the competitive housing market. This gives you peace of mind in purchasing a property.

• Review of income status:

It is mandatory for a mortgage company to go through your income status to know your credit history which determines your ability to repay. Once this process is approved the loan originator will provide you with loan options including conventional loans, VA loans, FHA loans, and other loan types for which you may qualify. The pay-off time frame is also provided, typically 15, 20, and 30 years. Once the best loan option is found, the loan originator will lock the loan for you.

• Loan Processing:

When processing your loan, your loan originator will verify employment, order a residential appraisal to confirm home value, and request title work from the title company. Additional documentation and insurance paperwork will also be collected.

• Underwriting:

 The mortgage company uses all this collected information to determine whether the loan is at its acceptable risk level.

• Documentation closing:

After the underwriting is completed, the loan file goes through a pre-closing review for quality assurance. In this step, the loan team makes sure everything is in order for your final loan closing.

• Loan Closing:

At this step, a meeting with the loan originator and another person from the company to review and sign loan documents and pay any closing costs. Additional funds will also transfer to the title company.

• Loan Servicing:

The mortgage company will take care of the administrative aspects of the loan while you pay the mortgage payment.