The Mortgage Process

1. Fill out the Uniform Residential Loan Application, referred to as a Form 1003. Traditionally, your loan officer will fill this form out to insure its completeness and correctness. Be sure to read it thoroughly before signing.


2. Compile and copy application and supporting documentation. Each loan requires some supporting documentation based on the parameters of the loan.  


3. Request a more current Credit Report. The bank will review your credit immediately prior to approving the loan to insure nothing has changed in your credit situation.


4. Commitment Letter issued for your review and signature. There may be conditions applied to this commitment. These conditions must be met prior to the completion of the mortgage process.


5. Title Report, Title Searches, Certificate of Occupancy, and Survey are reviewed by the Bank Attorney.


6. Interest rate locked in with the lender for a specific amount of time. Extension of this time limit can be very expensive.


7. Borrower obtains insurance. Often the mortgage broker can assist or recommend agents, but this decision is completely the borrowers.


8. Schedule closing. Prior to the actual closing session, your loan officer will explain what to expect at the closing, who will be present and their role in your mortgage process.