Mortgage Process Step By Step

[Anonymous]

I am a newbie to the mortage process and the following the information helped me to better understand.  Is all of this accurate? I also have 2 questions in red:

• Purchase Contract is received by lender (I'm assuming from a builder or seller?)
•  Lender will order an appraisal, title report, and update your file with any expired documentation, as needed, and produce the proper disclosures for all to sign
•  Mortgage originator will also discuss the advantages of locking in your interest rate (who is the mortgage originator?)
•  Loan Approval Conditions Approved -Conditional credit loan approval obtained contingent on property/collateral approval
•  Appraisal Received
•  Home owners insurance requested and received, title report and all outstanding credit conditions are collected and reviewed
•  Final Submission to Underwriting for Approval
•  Your loan file is moved to the closing department
•  Once a Clear to Close is received, your loan file is prepared for closing
•  Closing Disclosure - Information from title is requested and the Closing Disclosure (CD) is delivered to you the borrower(s)
•  Closing Documents - Upon your receipt of the Closing Disclosure, loan documents are drawn and sent
•  Signing in 3 Days - Buyers & sellers are to sign loan documents 3 days after evidence that the borrower has received the Closing Document (CD)
•  Funding & Recording – Signed documents are recorded, funds are disbursed per sales agreement

[me12345]

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@Anonymous wrote:

I am a newbie to the mortage process and the following the information helped me to better understand.  Is all of this accurate? I also have 2 questions in red:

• Purchase Contract is received by lender (I'm assuming from a builder or seller?)
•  Lender will order an appraisal, title report, and update your file with any expired documentation, as needed, and produce the proper disclosures for all to sign
•  Mortgage originator will also discuss the advantages of locking in your interest rate (who is the mortgage originator?)
•  Loan Approval Conditions Approved -Conditional credit loan approval obtained contingent on property/collateral approval
•  Appraisal Received
•  Home owners insurance requested and received, title report and all outstanding credit conditions are collected and reviewed
•  Final Submission to Underwriting for Approval
•  Your loan file is moved to the closing department
•  Once a Clear to Close is received, your loan file is prepared for closing
•  Closing Disclosure - Information from title is requested and the Closing Disclosure (CD) is delivered to you the borrower(s)
•  Closing Documents - Upon your receipt of the Closing Disclosure, loan documents are drawn and sent
•  Signing in 3 Days - Buyers & sellers are to sign loan documents 3 days after evidence that the borrower has received the Closing Document (CD)
•  Funding & Recording – Signed documents are recorded, funds are disbursed per sales agreement

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1. The lender will receive the "Accepted" Purchase Contract from the Realtor or the buyer if there is no Realtor being used.

2. The Mortgage Originator would be your Loan Officer.

All of the steps that you have listed covers just about everything, not always in that exact order, but that's about right.

Thanks,

[Anonymous]

Ok Thanks!!