Mortgages: Processing, Underwriting, and Closing

Mortgages: Processing, Underwriting, and Closing

I'm Ann Byer with Keller Williams
and iIm Teri West with Draper and Kramer Mortgage. Today we're going to talk
about the next step. You've found the house you've signed an
agreement of sale now what happens with your mortgage and we're going to talk
about it right now so the next step after you found that
house is to make your application formal so we already would have done the
pre-approval so I should have most of your information I may need some
documents to back that up but you're ready to go all I have to do is put in
that property address and we're gonna make your application formalized then
what we're going to do is we're going to disclose that loan to you officially
which means that we are going to send out documents to you to either
physically sign or electronically sign you do have a choice with Draper and
Kramer we have a technology to make it really easy so we will email you those
disclosures you have the opportunity to e sign them so you'll assign them and
then that starts the process with your consent we can move forward then and get
your loan into the processing stage and what that means is that we're going to
have somebody check everything that you gave us check what I've taken on your
application check the documents to back that information up and go through that
file so it's all ready for what's called the underwriter the underwriter takes
all that information and reviews that and make sure it matches the loan
program that you're using okay whether it be a conventional loan with Fannie
Mae or Freddie Mac whether it be a government loan with FHA or USDA or VA
we're going to check it and make sure it's ready to go in that time we're also
going to do an appraisal and the appraisal is different from your home
inspection that you might be getting done as well the home inspection is to
make sure that your home is in good shape and you're gonna go forward with
it the appraisal is to determine value so that's very important because we're
giving you all this money we want to make sure that the value is there for
that property we get that done the underwriter gets all that information
she says okay we're gonna promise to give you a mortgage
based on the information you gave us we may need a pay stub or we may need to
see some money clearing your account but other than that we're going to commit to
you to give you that mortgage and that mortgage commitment is very very
important for an right we have a specific date and a deadline in the
agreement of sale and that's why a good lender is critical because if you miss
that date you are in default and your deposit money is at risk so you want to
make that date so that's my responsibility is to make sure you make
that date so we do our underwriting and processing very quickly to make sure
you're going to be ready to go we typically process and underwrite
files within seven business days of receiving them so my staff is very very
efficient with what we need done on the back end and behind those scenes that
you don't see so after we do that we'll get that mortgage commitment after that
you're going to shop for your homeowners insurance so we have that we'll take
care of that we'll take care of the title information and that's something
that we handle on the back end as well for you so that you're going to be all
ready for that closing day so my job is to make sure you get from application
just closing in a timely fashion and you're ready to go so if you need a
mortgage call Terry and if you need real estate you want to call Anne
we're your mortgage connection and remember Terry for your mortgage and
remember Anne your real estate agent your local connection

Fannie Mae

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