Mortgage loan approval process
The mortgage loan approval process can be grueling for most people and extremely stressful. Here is the normal mortgage loan approval process and the timeline for most mortgage companies.
1. Complete 1003 mortgage application.
2. Run credit check.
3. Issue a pre-approval letter so the borrower can go and shop for a home.
4. Get real estate purchase contract signed by both the buyer and seller.
5. Mortgage broker will send you the completed application and list of documents that he or she needs to start processing your loan and ready to submit to underwriting.
6. Mortgage broker will package your mortgage documents and review your application and credit report and submit to processing. Processing normally takes two to three days at most mortgage companies.
7. Once your mortgage application has been processed, it gets submitted to underwriting. Most underwriting take a solid week or more.
8. Appraisal is ordered.
9. Before the end of two weeks, you should get a mortgage conditional approval.
10. Conditional approval gets back to the processing department and the processor will work with mortgage loan borrower to get the necessary conditions from borrower to satisfy all the conditions. Some conditions may be letters of explanations, updated bank statements, updated pay check stubs, verification of employment, insurance information, and appraisal.
11. All conditions get submitted back to underwriting. Once underwriting approves the conditions, it gets sent to Quality Control for final review.
12. Once the mortgage application passes Quality Control, the mortgage application is sent back to underwriting to have a senior underwriter to sign off.
13. The loan gets a clear to close which means the loan is ready to fund.
14. Mortgage company arranges with title company to arrange a time and date for closing.
One day mortgage loan approval
I can offer a mortgage loan borrower a one day underwrite and mortgage loan approval if they have the following:
1. 640 Credit scores.
2. No overdrafts in the past 60 days.
3. Submit to me the necessary documents such as two years tax returns, two years W2’s, 60 days bank statements, most recent bank statements or bank print outs, bankruptcy papers (if it applies to you), foreclosure paperwork (if it applies to you ), and other requested documents.
4. Signed 1003 mortgage application.
If the mortgage loan borrower cooperates with me and gets me the necessary documents, I will guarantee them a one day underwrite and mortgage loan approval and closing in two weeks or less.
The one day mortgage underwrite and approval are for conventional loans, FHA loans, VA loans, and Jumbo loans. You can apply today for your mortgage loan by clicking the APPLY NOW icon at the top of this website at www.gustancho.com .