1. Pre-Approval: You will be asked to provide personal information such as your Social Security number, income, assets, debts, credit information and the specifics on the type of property you wish to purchase.
2. Full Application: During the application process the lender will update any information and documentation that has already been submitted.
3. Processing: Your mortgage package will be reviewed and completed by the processor.
4. Loan Submission: Once the processor has completed the loan package, it is submitted to the underwriter for approval.
5. Loan Approval: All parties are notified of the approval and loan documents are completed and sent to both the title and escrow companies.
6. Title: The title company ensures that the property title is clear and legitimate. Once this process is complete, title insurance is issued for the property.
7. Funding: Once you have signed the loan documentation, your lender reviews the loan package, and upon approval, funds are wire-transferred to the title company.
8. Recordation: When the title company receives the funds, they are released to the seller, less taxes and fees and you are recorded as the owner of your new home.