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The Loan Process

Obtaining a mortgage loan IS a process that normally takes anywhere from two (for refinance) to four weeks (new home purchase) or longer. The best way to undergo this process is to understand it and be prepared for it. The more the borrower understands about the process and the documentation required, the smoother the process will be.

STEP 1: Get your documents together to submit to your loan officer. In almost every situation, the borrower will be required to submit the following paperwork to the loan officer in order to get the process started:

  • Last Two Years’ W-2’s
  • Two Most Recent Pay Stubs
  • Last Two Months’ Bank Statements (Include Investment Accounts, IRA, and 401K Accounts)
  • Current Mortgage Statement or Rental Agreement
  • Divorce Decree (if applicable)
  • Bankruptcy Paperwork (if applicable)
  • Copy of front & back of your green card (if NOT a US citizen) or H-1 or L-1 visa (If NOT a Permanent Resident).


    • STEP 2: The Loan Officer will pull the Borrower’s credit scores from all three bureaus and use the paperwork submitted to determine how much house or how much loan the Borrower can afford. The Loan Officer will then put together a loan application package for the Borrower to sign. This package ­ along with the Borrower’s documentation ­ will be submitted to a Lender for pre-approval. The Loan Officer will tell the Borrower what the projected mortgage program, monthly mortgage payment (with and without taxes and insurance), and interest rate will be.

    STEP 3: Once the Loan Officer has submitted the package to the Lender, a Loan Processor will prepare the package for the Lender’s Underwriter. The Processor will order the Appraisal of the property and Title Examination. The Processor will also put the loan package together for the Underwriter’s approval.

    STEP 4: The Lender’s Underwriter will examine the documentation and information provided by the borrower. The Underwriter’s job is to ensure that the Borrower’s documentation fits the requirements of the loan program for which he applied. The Borrower does not communicate with the underwriter; it is the Loan Officer’s job to communicate information to and from the Borrower and Underwriter. Since the Underwriter recommends final approval or disapproval of the loan, he may request additional documents or letters of explanation. It is in the Borrower’s best interest to provide this documentation as quickly as possible so the loan process will not be delayed. This part of the process may take weeks, so expect delays. This is particularly true for loans for self-employed Borrowers, individuals with poor credit, or those with unusual circumstances.

    STEP 5: Once the loan is approved, the loan paperwork will be sent to the Title Company and the Closing Attorney’s Office. The Loan Officer calls the Borrower to let him know when the closing will be.

    STEP 6: At the closing, there will be a mound of papers to sign. The Closing Attorney will explain each document before the Borrower signs it. The Borrower should ASK QUESTIONS about anything he does not understand and should pay particular attention to the terms and conditions set forth in the loan paperwork. Once the closing paperwork is signed, it usually takes one to three days for the loan to fund from the Lender. The Loan will be recorded (or closed) in the County of record within two to three days after the loan has funded. At this point, the transaction is complete.