The Mortgage Process...Step By Step
Since no college we know of offers a course called Applying For A Mortgage 101, we thought we'd walk through the process. After all, knowing what to expect will save you time and effort.
1. Application
When you visit our retail location and fill out the application, your sales consultant
will submit your application to us. Within one working day, he or she will get back
with you and let you know where things stand. Your sales consultant knows all about
the different types of mortgage programs we have and will discuss the ones best suited
for your needs.
2. Loan Processing
Once we have your paperwork, we verify all information and order a credit report. And
if everything checks out okay, your file goes to Underwriting.
3. Underwriting
This is the big check point. Is your credit history in good shape? Can you
realistically afford the loan? If the answers are yes, you're almost through!
4. Appraisal and Preliminary Title Search (if applicable)
Our next step is to order an appraisal of your property to determine it's value,
then have a title company or attorney check to make sure that all the official records
regarding the ownership of the property are in order. There are fees connected with
these services which your Sales Consultant will discuss with you.
5. Commitment
A short time after you provide CountryPlace with your documentation, your loan officer
will be on the phone with the final response to your application. If the appraisal
and title search (if applicable) come back with "no surprises," you're in the home
stretch. CountryPlace will issue a commitment to make you a mortgage loan. If there
are any further conditions to be met, they will be identified in the commitment letter.
6. Proceeding with the Order
Now that your loan has been approved and you have paid the balance of your down payment,
your new home is ordered. Your Sales Consultant will keep you posted on when your home
is being built and when you can expect it to be on your lot or property.
7. Closing
When it's time to close your loan, your sales consultant and/or the closing agency will
notify you to come in and sign all of the required documentation. You'll sign your
name about a dozen times and it will be done. Except for writer's cramp, it was pretty
painless, wasn't it?
