Underwriting/Closing
Once we have all the information and documentation necessary
for your mortgage loan, along with our automated approval, we
put together a complete package and send your file to the
lender. Even with automated underwriting we need
“full underwriting” approval from a licensed
underwriter. Once the underwriter reviews the file they
note any additional conditions and give the file an approved
status.
After the loan is approved I request loan documents be sent
from the lender to the escrow company for the borrower to
sign. At your signing you need to provide identification
and any funds needed to close the real estate
transaction. After the documents are signed the escrow
company returns the package to the lender who arranges the
funding of the loan. For a refinance loan this takes
four days, for a purchase loan it is normally only two
days.
This full mortgage loan process can take between three and six
weeks. The slowest part of the process currently is the
appraisal which taking around two weeks to obtain. Jeff
and I will update you, and your realtor if appropriate, weekly
as to the progress with your mortgage loan process.
Contact us today and get the
“process” started!
