After the Mortgage Application
Posted by: Greg Fischer Post date: March 2nd, 2010So you’ve gather all your documents, answered every question about your income, assets, debts, job, housing history and more, and you new mortgage application has been submitted for approval. Now what?
The next several days might feel to you like nothing is happening, but there is actually a flurry of activity happening behind the scenes. Once a mortgage application is submitted to the lender and is waiting for approval, a new set of disclosures are sent to you, an appraisal is ordered for the property and the title and legal work is begun.
But the next critical stage is the loan approval. This is where the lender weighs all aspects of the application: income, assets, credit and liabilities and the property and renders a decision on the overall level of risk. If the balance of everything meets the lender’s guidelines, the loan is approved.
There are usually conditions attached to this approval: update documents, explain this situation, verify something else, etc. This list of conditions is everything that’s required to clear and close on your new mortgage.
The most frustrating part of closing a new mortgage application can be the waiting. Stay patient, stay in communication with your mortgage professional, and trust your team to get you to the closing table.
