The mortgage loan process doesn't have to be difficult. Once you have made the decision to pursue applying for a mortgage loan with Bennett Home Mortgage, LLC, your Mortgage Loan Originator will work with you to obtain the necessary documentation required for a loan decision to be made.
A pre-purchase home inspection, performed by a professional, is a visual examination of the readily-accessible areas of a home to provide an accurate evaluation of the home's condition at the inspection. This evaluation is presented to the buyer in a comprehensive report so buyers are fully informed of the home's condition during the mortgage loan process and prior to purchase. While a home inspection is not required, it is highly recommended.
Below is a summary of the mortgage loan process so that you will have a better understanding of what you can expect:
1 - Homebuyer
-Contact loan originator for financing information
-Gather information needed for your application
-Begin the search for your new home
2 - Mortgage Loan Originator
-Assists you in completing the loan application
-Discusses qualifying, monthly payments and cash needed for closing
-Explains various loan programs available and quotes interest rates
-Communicates documentation requirements
-Answers any questions you may have throughout the mortgage loan process
3 - Processor
-Communicates with you on items necessary for your loan closing
-Pre-underwrites and prepares loan for approval
-Works with all parties involved with the mortgage loan process
4 - Underwriter
-Requests any additional documentation needed from you
-Works directly with loan originator and processor to approve your loan
-Renders final decision on your loan
5 - Closer
-Assembles package for your closing day
-Sends package to the closing agent's office
6 - Closing Attorney
-Contacts you for your Home Owner's insurance information
-Prepares Settlement Statement and emails to the processor for review
-Processor contacts you to review the settlement figures and cash for closing prior to closing
7 - Closing
-Takes place at Title Company
-Bring a certified check to closing and any other documentation requested by Lender
-Bring Homeowner's Insurance with paid receipt for one year
CONGRATULATIONS on your purchase or refinance!
