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1. I submit required financial documents to loan broker. 2. Loan broker runs my credit 3. Loan broker checks interest rate based on my credit 4. Loan broker lock interest rate for ## days. At this point bank is selected, and the bank agrees to fund the money? What is going on from this point on. I only know near end of escrow down payment has to be submitted to escrow for transaction, but I would love to know the details on the Loan processing section.
The process you outlined in your statement is pretty accurate. Your interest rate is not locked until a mortgage loan program is selected and there is an approval of your mortgage loan. There are provisions where you might lock a mortgage loan when it is submitted to the lender's underwriter, however, there are too many things that could go wrong. Once your loan is submitted to the lender, a mortgage loan program is selected based on your credit and credit score and what you plan to do with the proceeds of the mortgage loan, first mortgage, refinance or FHA 203B for some repairs to the property. Once your mortgage loan application has been submitted to the mortgage lender an appraiser would be ordered. If you are requesting a Colorado or USDA mortgage loan, the lender's underwriter would follow the guidelines of these two government agencies in collecting the necessary documentation to approve your mortgage loan The mortgage loan you would be approved for would dictate the down payment required. On a conventional mortgage your down payment could be anywhere from 5%down to 20% down based on if you want to pay Private Mortgage Insurance or not. On a Colorado or USDA mortgage loan there is no down payment required If you are approved for a FHA mortgage loan the normal down payment is around 3.5% unless you are being approved for a bad credit FHA mortgage loan. The interest rate for these loan would normally be around 10%. When your offer is accepted, one of the real estate agents would normally open escrow as well as the title company that would handle the title work for this transaction. Once the escrow is opened the escrow would prepare escrow instructions for for the buyer and seller to sign. Once your mortgage loan is conditionally approved, there would be additional information and documentation required of the mortgage lender to be completed prior to the issuance of a final approval. Some of these conditions you would need to provide, others might need to be provided by the appraisal or amended escrow instructions or the title company. There will be a time when you will be told the escrow would need to be funded with the down payment and closing cost. Your mortgage loan officer would inform you when this would need to occur. Based on your HUD-1 statement issued by your mortgage when you applied for the mortgage loan and any supplemental HUD-1 this document would indicate the amount you would need to place in escrow for the down payment and other closing cost. I hope this has been of some benefit to you, good luck. "FIGHT ON"
You have it roughly correct, enough for discussion anyway, with regard to using a mortgage broker. If you deal with a lender/bank directly, it is generally the same process. After point 4 above, your application and documentation are submitted to underwriting. They review your documents, verify things like income, employment, and other factors, and then either deny you the loan (they will tell you why, in a letter), or they will issue a conditional approval. This means that you have passed the tests, mostly, but they require additional information or documentation before they issue you a final approval. Once you provide what they are asking for in the "conditions", they give the final approval and send your file to the closing department. Those people prepare all your closing documents and send them to the settlement agent (title company, attorney, etc.) with instructions. On the day of your closing (usually the day before) the lender will wire the funds to the settlement agent. Once that agent has all your signatures and anything else the lender has asked for, they are given the authorization to disburse the funds. The loan money will go to the seller (or their mortgage company, to pay off an existing mortgage), any realtors involved, and other vendors like HOAs, insurance companies, etc. You will be given credit for any earnest money you put down on your sales contract, and anything you have already paid outside of the closing (like the appraisal). They will have told you how much money you need to show up with at your closing, which would include your down payment and closing costs. Then, you take your new keys and go have a stiff drink somewhere, because the joys/trials of home ownership are just beginning.
Applying for a car loan is simple. Just fill out the application and submit it to the lender. Most of them can be done online. Qualifying for the loan is much more difficult. First you need good credit. You need a good paying full time job. You need to show that you can pay back the loan. Most teens have to use their parents as a cosigner in order to get their first car. A cosigner guarantees that the loan will get paid back.
Processor is verifying all the docs you gave. They verify your tax returns are what the IRS received, verify your job, verify rental history or previous mortgage history, get copy of your home owners policy, order the title search, order the appraisal etc. After all that it goes to underwriter for final approval & then to closing.