Loan Process - Modus Mortgage

The Mortgage Loan Process

Your Guide To The Mortgage Process

Buying a home is an exciting time but it can be stressful. Here is an overview of the loan process to ease your mind and give you a simple map to follow!

Step 1 : Start Application

To get accurate estimates, you must begin a loan application. You will need to include your name, date of birth, social security number and income. If you have a down payment amount saved or any other assets you should include those too.

Step 2 : Preapproval

After starting your application one of our knowledgeable Loan Officers will analyze your debt, income, credit, and assets to find out how much you can afford. The amount you can afford is what you are preapproved for. You will be sent a Preapproval Letter to aid in your house search and add credibility to your offer.

Step 3 : Complete Application

After your offer has been accepted the loan application can be completed. This is where you will finalize/lock interest rate, gather documents and your loan will be submitted to a lender. At this point your loan will be in processing, a Loan Processor will be your point of contact during this time and until funding.

Step 4 : Underwriting

While your loan is in processing, it will be submitted to an Underwriter to verify your information, ask for additional documents and order an appraisal, if needed. A Loan Processor will be contacting you to collect various documents and let you know the stages of your loan.

Step 5 : Closing

Once the Underwriter is satisfied with the information provided, the loan will be Clear-to-Close. During this time, the Loan Processor will work with your chosen Closing Agent to prepare your final closing package. Your Closing Agent will contact you and set up a date and time for you to sign your closing package.