Shopping for a new home can be exciting, but it’s not uncommon to feel confused or overwhelmed by the mortgage process. Whether you’re on day 1 or in the home stretch, you may worry about the status of your loan and wonder what exactly is going on. However, almost all loans follow the same standard steps, and provided there aren’t any bumps in the road, it’s likely that yours will too. The basic loan process is as follows:
Step 1: Applying
Once you know you’re interested in buying a house, you can either meet with one of our Loan Officers in person or submit an application online. We’ll ask you to answer some simple questions so we can learn more about you, your history, and your home buying needs.
Step 2: Processing
We will collect and verify the information we need to move your loan along in the process. This is usually when an official credit report is ordered, your employment and bank deposits are verified, and a title, appraisal, and inspection are ordered for the house you’re interested in.
Step 3: Underwriting
This is when we closely evaluate all of your documentation needed to complete your loan. We will review the loan program, property, and customer qualifications, double check for accuracy and eligibility, and be on the lookout for any red flags or mistakes.
Step 4: Funding and Closing
All of the final documents will be signed and your loan funds will be transferred. Once this is done, your loan process is officially complete and you can move into your new home! Congrats!
Homeownership is a wonderful thing, and hopefully these steps prove that the mortgage process isn’t as complicated as it seems. However, if you’ve already applied for a loan, don’t feel like you have to rely on this article to understand the process – You can always reach out to your Veritas Funding Loan Officer if you want to double check where your loan is at. Alternatively, if you haven’t applied for a mortgage yet, what’s stopping you? Now that you’re an expert when it comes to the process, click here to begin your application now.