Mortgage Process - Oro Valley Homes for Sale
Oro Valley Homes for Sale, Oro Valley Real Estate in Oro Valley Arizona AZ. Search Oro Valley Homes and Real Estate, Oro Valley Realtor Ian Taylor
The mortgage process doesn’t have to be overwhelming or confusing.
Check out what to expect each step of the way in the mortgage process roadmap:
Contact the lender for pre-qualification:
Provide pre-qualification information.
Lender will give a list of financial documents needed.
Lender will determine what you may qualify for and go over your options with you!
Write a contract & make official loan application:
Sign official loan application with lender and provide any outstanding financial documents requested.
This is typically when you lock in an interest rate.
Lender will order the appraisal and title work. Please note that an appraisal fee is collected when appraisal is ordered.
Schedule the home inspection as quickly as possible.
Obtain quotes for homeowner’s insurance and decide which agent to work with.
The loan process STARTS here.
Behind the scenes loan underwriting & processing:
A Loan Underwriter reviews the loan file and issues a commitment to lend, provided required conditions are met.
A Loan Processor obtains required conditions - including but not limited to employment verifications, IRS transcripts, updated bank statements and documentation required for gifts or liquidation of assets.
Credit is monitored for new debt.
Waiting on title work, appraisal and insurance.
Additional information or documentation may be needed during this stage.
Final loan approval:
The Loan Underwriter has received & reviewed all items required for approval, including appraisal and final inspection (if applicable), title and insurance.
Note that changes (credit changes, employment changes, etc.) can still affect closing negatively at this stage!
Lists actual settlement costs.
A preliminary copy is issued a minimum of 3 days prior to closing.
Buyer receives one figure for closing, which includes down payment and settlement costs. This is payable to the settlement office by wire or cashier’s check, due at closing.
Buyer Signs final closing disclosure and final loan paperwork.
After recordation of documents, Buyer has new home.