The Mortgage Process: Timeline

Most people who buy a home do so by using a mortgage. For those of you that do not understand what a mortgage is, let me explain. A mortgage is a legal agreement by which a bank or creditor lends money at interest in exchange of title. All in all, a mortgage is a loan from the bank to help you purchase a home, and you the buyer must pay back monthly installments until you have done so. Now that we all know the correct definition for a mortgage, let me explain how the mortgage process works.

Before you can get a mortgage, you as a buyer must do your research. Talk to different companies and get a feel for how they do business. Also, as you are interviewing companies, speak with them about getting pre approved. Pre- approval is a bank's way of verbally stating that they would give you a mortgage. Once you get pre approved, it is time to go shopping for a home.

Shopping for a home is the most exciting part of the process. You, the buyer, get to go in all types of different homes with your agent, hopefully me, until you find the right one. Once you find the one, you will submit an offer. After that offer is accepted, the loan application can be finalized.

Finalizing the loan application can take anywhere from 1-3 days. Now your loan can be processed. Your lender will assign a processor who will package your file and monitor its progress taking anywhere from 5-15 days. After your loan has been processed your loan will go into underwriting. In underwriting, the underwriter verifies the loan fits all guidelines and issues mortgage commitment. The loan not only fit all guidelines but it must also be finalized by the lender. If everything goes as planned the closing disclosure will be issued and you as a buyer will sign on the dotted line and be a new homeowner!

If you or anyone you know is looking to buy or sell a home, I would love to help! Please give me a call at 317-

650-5898. I am also available by email ermusleh@gmail.com.