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Mortgage Loan Process FAQs

Frequently Asked Mortgage Process Questions

Here are some of our top questions about the mortgage loan process.

How long does the mortgage process take?

Depending on the type of mortgage you are applying for, a refinance or a purchase, the timeline can very. You should always discuss timeline with your mortgage banker. They will be able to give you a timeline and help to set expectations.

What is Pre-Qualification?

Pre-qualification is done before officially applying for a mortgage loan and determines the estimated amount you can borrow. The amount determined is based on your current income and debt. It should be noted that pre-qualification is not a promise of approval. A loan application must be completed and all information provided will have to be verified in order to receive official approval.

What if my addresses differ on personal documentation?

Your personal documentation (driver’s license, W-2, tax returns, pay stubs, etc.) is used when validating your name as well as verifying your physical address. If your address is not consistent across your personal documents, the underwriting team will most likely require a written explanation for the differences.

Who pays for the home appraisal?

You, the buyer, are responsible for this fee. Your mortgage banker will assist in determining how and when to pay this, as well as how much the fee will be.

What are underwriters looking for when reviewing my file?

Whether you will be able to repay the mortgage loan. To do this, they must review your assets, liabilities, credit history, payment history, and they have to verify the source of the funds you are using to purchase your new home. They will then compare and ensure this information meets the required guidelines in order for us to provide you with the loan.

How much cash will I need for closing costs?

Closing costs generally range from 2% to 3% of your loan amount. Closing costs can be divided into three main categories:
  • Lender fees. Fees can include origination and points.
  • Third-party fees. These fees vary by state and the attorney you select to close your loan. They can include attorney’s fees for closing, title exam, credit report, appraisal, title insurance and recording.
  • Prepaid items. These are items collected at the time of closing but are not really considered costs including interim interest, taxes, and hazard insurance.
You will be provided with an estimate of your closing costs soon after your application has been received. These estimates could change if you change the product type or loan amount.

How do I know when and where my closing will be? What should I bring? Do I need to be there in person?

Your real estate agent will work with you to schedule when and where your closing will be located. Your mortgage banker and processor will help with scheduling to ensure all paperwork is completed in time. You should bring photo ID and either wire confirmation, certified funds, or a cashier’s check covering closing costs that have been withdrawn from an account that was verified during your underwriting process. You will receive this information from your real estate agent and/or closing attorney. Yes, it is important that you attend the scheduled closing as you will have a lot of documentation to review and sign.
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