What Mortgage Process Should I Expect?

Mortgage applicants rest easier if they know the mortgage process. This article outlines what to expect when working with me here at your local Edmonds, Washington mortgage company, The Mortgage Loan Center, LLC.

The first step in the mortgage process is for you to take some notes on what your goals are. An excellent question is how many years you plan to invest in the property you are obtaining a mortgage on. Another excellent question is will your future income keep up with the increases to cost of living and should you consolidate debt, if possible. These are questions that guide mortgage selection.

The next step in the mortgage process is to talk with me about your mortgage related goals and then ask and answer questions.  My questions will be to determine your eligibility for different mortgages and how well certain mortgages fit your goals. I prefer to sit down in my office here in Edmonds when possible as I have access to a wider variety of analysis and other tools.

In the next step in the mortgage process I present you a rough idea of mortgage rates, costs, and payments for products you appear eligible for may meet your needs and goals. Please be aware that rates change continuously like the stock market. 

*Outdated rate information which may not be available. Current rate and pricing information is available from my mortgage rate and cost analyzer.

The next step in the mortgage process is to fill out a loan application, Good Faith Estimate, and disclosures here in Edmonds or over the phone for the option that best fits your goals. These forms and a checklist of items are checked over by you. Filling these out in my office in allows immediate same day processing and faster rate locks!

The next step is to put together a perfect application package. Your signature and return of the application and checklist of items allows me to double check your loan application. A credit report will be pulled and credit information merged into the application. A copy of the credit report will be mailed to you if you don’t stop by to pick it up.

After a perfect application is prepared next in the application process is to enter the information into a computerized underwriting system. The system I use most often is Fannie Mae’s computerized Desktop Underwriter. All steps in the mortgage process up to now are typically done in a day or two.

The computerized approval may ask for additional documentation.

The next part of the mortgage process is to obtain a rate lock on your mortgage. I also request a title and escrow company to examine the title for your house. When everything is in order I proceed to order and appraisal using your credit or debit card number to pay . Appraisals cost ~$425 and are completed in roughly one to three weeks here in Edmonds, Washington. Ordering title, escrow, and going over the approval is typically completed by Day 2.

The next step of the mortgage process is for human lender underwriting. When title information arrives it is merged with your file and sent to underwriting at a lender. I prefer to use local accessible lenders within a short drive, especially for custom homes or complicated situations. A local human underwriter will look through your mortgage application and provide initial feedback on anything he or she wants clarified while they wait for the appraisal. This typically is done Day 10 to Day 12.

One of the last steps of the mortgage process is to obtain a final approval. Three days after the appraisal is received by the lender with additional conditions (if any) that were requested a final approval is issued! This is typically day 15-24.

The next step of the mortgage process is to order mortgage documents from the lender to be delivered to the title and escrow company for you to sign. This is day 17-26.  At this point the escrow company will set an appointment for you to sit down with them to sign documents. Prior to signing you will receive an updated estimate of all costs and fees if any have changed.

The second to last step in the mortgage process is for you to sign the prepared mortgage documents. You receive a copy of all signed documents from the escrow company.

The last step of the mortgage process is for your loan to fund. The escrow company collects funds from you and the lender as appropriate. Purchase mortgages fund the next day, refinance mortgages fund after a three day waiting period. This is day 18 to 30!

For questions about your mortgage stop by my office in Edmonds if possible! You can also contact me via my mortgage rate and cost analyzer for mortgage scenarios, or via my contact information below. To learn a little more about me the profile for Stephen Ching is here.

Stephen Ching, Loan Originator 510 LO 35993

Office(425) 640 9789 or via web at http://seattle.rateswire.com
Cell (425) 344 2191

Mortgage Mortgage Center, LLC

22019 Hwy 99 #B

Edmonds WA 98026

License # 510-MB-20022