Steps to homeowership?

Question

I made contract with seller, am getting homeowners insurance, the appraisal has been done, signed the paperwork with the mortgage broker, and my job sent back employment verification form.
What is the next step. The loan processors are currently working on it. (What does that mean?)
Also, when will the underwriters look at it, and how long does that usually take? If the mortgage broker approved my application, and I've signed all the paperwork, does that mean the underwriter will accept it too???
I'm nervous that I will be denied by the underwriter after I've went through all the work/paperwork. :-)

Answer 1

The only way you might get turned down at this point is if your scores are below 680 and you are putting nothing down. Loans that were fairly easy last week are non existent this week but with good credit you need to just go about your day and let the process take its course.

Now start thinking about the furniture arrangement!

Answer 2

The first step is to RELAX. Take a nice deep breath......
OK so now what is happening with your loan. Basically, a processor is processing it, reviewing the title search and title policy, closing protection letter, home owners insurance, termite inspection, appraisal, employment verifications, income documents, residential history, credit report, bank statements and/or other assets,

THEN, the file is sent to the underwriter. Once the underwriter reviews it, he/she approves, denies or counters with a different program, offer or rate. If everything was review WELL before hand by your broker and your broker KNOWS the program guidelines, chances are you will just be approved. If your broker was not versed on all underwriting conditions, you will be asked for more documentations, assets or whatever......

How is your confidence in the broker? If they filled you in during the whole process, you are with a better broker than some get. Ask what the usual time line is for the file to come out of underwriting. I think you should be fine =)

Hope this helps and good luck

Answer 3

I'll try to keep this as short as possible.

Here are the steps in getting approved for your mortgage.

1. Loan officer qualifies/approves you for a loan.
2. You get all of the required documentation to your loan officer.
3. The Processor puts your loan package together, prices and locks your rate/program. - Sometime during this step your loan officer will contact you for additional documentation.
4. The Processor (or your attorney in a purchase) will order title and submit the file to the lender.
5. The lender's pre-underwriter will look to see that the file is in order and pass it off to an underwriter.
6. The Underwriter will review the file to insure it meets requirements and qualifies for the loan you've applied for. - Again at this point you may be asked for some additional documentation. - This step can take up to 72 hours depending on the underwriter's workload.
7. The Underwriter clears your file and notifies your Loan Officer.
8. The Loan Officer or Processor contacts all involved parties, (buyer, seller, attorneys, title company) and coordinates a closing date.
9. You close and move.

If your file is with the Underwriter now you should be getting news real soon. Short of a wedding buying a home is probably one of the more stressfull times in your life. Rest assured your loan is in good hands, (yes, most mortgage pros are top notch) try not to worry about what you can't control.

Congratulations!

Answer 4

The broker does Not do approvals , they are just middle men . ( they know the guys with the $$$)
The people with the $$$ to lend have to approve your loan .
The mortgage landscape is changing ( were you going Jumbo or conventional ?)
So now they are often looking for 20% down and FICOs above 720 .
There are still lower downs and lower FICOs accepted but their rates and the Jumbos will be a lot higher .

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