Guide to the Mortgage Loan Process
The mortgage loan process can be complicated to understand. This guide will breakdown the process in to simple milestones from application to closing. The documents and action required at each step. The mortgage loan process starts with an application to the lender either for a purchase or refinance loan.
Once the required documents are submitted, the property undergoes an appraisal to determine the value of the property. The mortgage loan processing includes verification of the documents, and the loan file is sent to underwriting. The underwriting team determines the capacity of the borrower to pay the mortgage loan. Upon all conditions being met, the loan is conditionally approved which leads to the closing of loan and funding is provided to the borrower.
