A mortgage loan is a kind of loan which can provide you a considerable amount of money by taking any property as security of the loan. Mortgage loan is also useful for those who want to buy a home and mortgages are available through more different lending agencies. Now a days mortgage loans are available through internet also that is online, because as the internet has broad market place of mortgages according to the requirement of an individual.
Successful Mortgage Loan Processing
Mortgage loan processing involves a series of steps which is completed within a period of ten weeks. Here mortgage loan processor sees the entire process while borrower follows the instruction which is given by the lender. Mainly there are four stages to complete the entire mortgage loan processing.
- Apply for mortgage: Firstly for applying for a mortgage loan we have to locate a suitable lender, and then will have to fill the application form completing all the blank spaces and have to submit to the mortgage processor. The processor will instruct you to submit certain documents which may include bank statement, Income tax return etc.. These all things are done via mail so it can be delayed.
- Verification of documents: Documents are then verified by the loan processor, it will check all the documents and might call land lord or your bank employer for the verification .If you complete preapproval step and fulfill all the requirements then they will send the file to lender .This procedure may take 14 days.
- Underwriting the loan: This is the approval stage where documents are again verified by underwriters, anytime they have a power to accept or reject borrower’s file. If the file is accepted it is returned to the Mortgage Loan processor with a pre-closing statement and if the file is rejected it is send to the loan processing department with a statement of denial.
- Closing stage: When loan processing department and underwriters both are satisfied with the file, loan execution will enter closing stage. In some time you will get the loan commitment from lender so that you can set the date of loan closing.
Successful Mortgage Loan Processing
Mortgage loan processing involves a series of steps which is completed within a period of ten weeks. Here mortgage loan processor sees the entire process while borrower follows the instruction which is given by the lender. Mainly there are four stages to complete the entire mortgage loan processing.
- Apply for mortgage: Firstly for applying for a mortgage loan we have to locate a suitable lender, and then will have to fill the application form completing all the blank spaces and have to submit to the mortgage processor. The processor will instruct you to submit certain documents which may include bank statement, Income tax return etc.. These all things are done via mail so it can be delayed.
- Verification of documents: Documents are then verified by the loan processor, it will check all the documents and might call land lord or your bank employer for the verification .If you complete preapproval step and fulfill all the requirements then they will send the file to lender .This procedure may take 14 days.
- Underwriting the loan: This is the approval stage where documents are again verified by underwriters, anytime they have a power to accept or reject borrower’s file. If the file is accepted it is returned to the Mortgage Loan processor with a pre-closing statement and if the file is rejected it is send to the loan processing department with a statement of denial.
- Closing stage: When loan processing department and underwriters both are satisfied with the file, loan execution will enter closing stage. In some time you will get the loan commitment from lender so that you can set the date of loan closing.