The Mortgage Process
The mortgage process is much more satisfying when you understand what is happening every step of the way. Our goal is to help you understand the process and keep you informed throughout the life of your loan.
In most cases you will be able to make an application online, over the phone or face-to-face. The best method is to complete the application online. This will give us the opportunity to review the information and then set up an appointment to go over questions that may come up. This two-step process makes it more efficient and lessens the chances anything will be missed.
*Tip:The more complete the package, the smoother the process.
Once the application is received, it goes to the processing team. The processor will review the documents and order the appraisal and additional documentation. The purpose of processing is to make sure the file is as complete as possible before it is submitted to the underwriter.
*Tip: Be sure to respond quickly to any request from your processor.
When underwriting receives a completed package with all documentation the process of making a final determination on the loan application can be accomplished quickly. A mortgage will typically be approved subject to standard conditions such as insurance documentation, as well as any underwriting conditions which still remain. Processing secures these conditions before final sign off and sending the package to the closing department.
*Tip: Get us your insurance documentation as early as possible.
The Celebration! It is the goal of McLean Mortgage Corporation is to submit paperwork to the title company or attorney as quickly as possible so that our client has access to their closing documents before the date of closing. We recommend reviewing the papers, especially the Closing Disclosure, before closing. This makes closing a much smoother experience.