The Mortgage Process

Описание: This video “The Mortgage Process” will inform you of the basics of a mortgage loan starting with the loan application, and going through to processing and underwriting all the way to the closing and funding of the loan. Knowing what to expect will give you the confidence you need to make the best decisions about your home purchase.

If you'd like to get started on a mortgage prequalification with imortgage: https://secure.imortgage.com/

Videos are for informational purposes only. imortgage does not warrant the completeness, timeliness or accuracy of the content.

THE MORTGAGE PROCESS:
First, congratulations on starting the journey to homeownership, one of the biggest financial decisions of your lifetime. At imortgage we have experienced professionals waiting to help you successfully find the right loan for your dream home.
Right at the start of the homebuying process, it’s a must to get pre-qualified for a home loan. Pre-qualification is actually the START of buying a home. It tells you exactly how big of a loan you are qualified for, and the price range for buying your house. Pre-qualification also makes your offer much more attractive to sellers because they know you’re a serious player, and have a big jump start on getting a loan. Pre-qualification is not a guarantee of getting a loan, however. It’s contingent on the property you will buy, plus the assumption that nothing will change in your financial picture before the final loan document is signed. So please don’t make any big financial decisions without first consulting your imortgage loan officer.
Now with your pre-qualification letter in hand, it’s time to go home shopping!
Once you have found your home and negotiated a contract, you will complete a mortgage application with your loan consultant and supply all of the required documentation for processing.
At this time the lender orders a property appraisal, credit reports, and if necessary, any other documents needed for processing of the loan.
The processor reviews your credit reports and verifies your debts and payment histories. If there are unacceptable late payments, collections or judgments, you are required to provide a written explanation. The processor also reviews the appraisal and checks for property issues that may require further clarification. The processor's job is to put together an entire package that may be sent to the underwriting department.
During this time, you will want to have your home inspected to make sure there are no surprises. Also, call your insurance agent to purchase homeowners insurance now, because it will be required at closing.
Underwriting is the final check in the loan process. The underwriter is responsible for determining whether the combined package presented by the processor is deemed as an acceptable loan. If more information is needed, you will be contacted to supply more documentation. Once we get the underwriter’s okay, you’re ready to close!
At the closing, the lender funds the loan to the selling party in exchange for the title to the property. And that’s it; you have officially purchased your dream home.
Congratulations on making a great choice to buy a home. Please don’t hesitate to call if I can answer any questions or help. My goal is to put you in your dream home – and a strong financial position for a lifetime.