Mortgage Application Process

The mortgage application process of signing the initial disclosures is the first important step in the process of obtaining a mortgage. It involves reviewing and signing various documents that provide details about the loan, its terms and conditions, and the costs associated with the loan. You must sign the initial disclosures before the lender can start working on your file. Most lenders allow you to e-sign the initial disclosures.

Here is a general overview of the process:

  1. Loan application: The first step in the mortgage application process is to fill out a loan application with the lender. This typically involves providing personal and financial information, such as your income, assets, and debts.

  2. Pre-approval: Once the lender has reviewed your application and supporting documents, they will determine if you are pre-approved for a mortgage. If you are, they will provide you with a pre-approval letter that you can use to show sellers that you are a serious buyer.

  3. Initial disclosures: After you have been pre-approved, the lender will send you a package of initial disclosures. These documents provide detailed information about the loan, including the interest rate, fees, and other charges. You will need to review these documents carefully and sign them to indicate that you understand and agree to the terms of the loan. Most lenders will allow you to e-sign these documents.

  4. Processing and underwriting: Once you have signed the initial disclosures, the lender will begin processing your loan application. This involves verifying your income, employment, and other financial information. They will also order an appraisal of the property you are purchasing to ensure that it is worth the amount you are borrowing.

  5. Closing: After your loan has been processed and underwritten, you will be ready to close on the loan. At the closing, you will sign the final loan documents and pay any closing costs or fees. Once everything is finalized, you will receive the keys to your new home!

* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.