The Loan Process - Part 4 - Closing

The fourth part of the Loan Process is closing. Once you have been prequalified, processed, and underwritten you are ready for closing.

The Closing Department prepares your Loan Documents and Closing Instructions. These items are sent to the Title Company. The Title Company uses the instructions to prepare the HUD 1 Settlement Statement. Once the HUD 1 is complete the Title Company sends the HUD 1 to the Closing Department for Approval. Once the HUD 1 is approved your closing is scheduled.

We offer Conventional, FHA, Reverse, USDA, and VA Mortgages.

When you think mortgage, think Josh, Mortgage Josh, Your Friend in the Mortgage Business! – 251 382 3729 cell – Josh@MortgageJosh.com – www.MortgageJosh.com. – Josh Aaron NMLS: 213887 – NFM, Inc 1535 S Schillinger Road, Mobile, AL 36695

Loan Process - Part 3 - Underwriting

The third part of the loan process is underwriting. Once your file has been processed your file is forwarded to underwriting.

During underwriting the information I submitted as well as the results of the reports ordered by processing are reviewed by the underwriter.

Additional documentation may be requested at this time.

Once Underwriting is complete your file and issued a clear to close your file is forwarded to the closing department.

We offer Conventional, FHA, Reverse, USDA, and VA Mortgages.

When you think mortgage, think Josh, Mortgage Josh, Your Friend in the Mortgage Business! – 251 382 3729 cell – Josh@MortgageJosh.com – www.MortgageJosh.com. – Josh Aaron NMLS: 213887 – NFM, Inc 1535 S Schillinger Road, Mobile, AL 36695

Loan Process - Part 3 - Underwriting

The second part of the loan process is processing. Once you have an accepted purchase contract we can complete your mortgage application. Once your application is complete (property address and purchase price) your file is forwarded to processing.

 During processing: a flood certification is ordered, the FHA Amendatory Clause is distributed for signatures, Income is recalculated to check for accuracy, your Social Security Number is verified with the Social Security Administration, tax returns are verified with the IRS, your employment is verified with your employer, your checking and savings accounts are verified with your bank, a request is made of the title company, (Chain of title, Preliminary HUD, Closing Protection Letter and Wiring Instructions), a Declaration of Insurance coverage is made of your Insurance Agent, and an appraisal is ordered.

If you are obtaining an FHA loan a Case Number, LDP, EPLS, MIP Calculator, Case Query, and Caivers are also requested.

Additional documentation may be requested at this time.

Once processing is complete your file is forwarded to underwriting.

We offer Conventional, FHA, Reverse, USDA, and VA Mortgages.

When you think mortgage, think Josh, Mortgage Josh, Your Friend in the Mortgage Business! – 251 382 3729 cell – Josh@MortgageJosh.com – www.MortgageJosh.com. – Josh Aaron NMLS: 213887 – NFM, Inc 1535 S Schillinger Road, Mobile, AL 36695

Getting Prequalified

The first part of the loan process is the prequalification. During the first conversation basic information is collected: Name, Address, Social Security Number, Date of Birth, Time on Job, Monthly Income, Checking and Savings Account Balances and Current Rent/Mortgage Payment. Credit is then pulled and your Debt to Income Ratio (DTI) is calculated to see how much house you can qualify for. Once the proceeding is complete the loan program best suited for your situation is determined.

Documentation is then collected to verify the above information: Driver’s License, Social Security Card, 30 Day Paystubs, 2 year W2s, 2 year Federal Tax Returns and 60 days of Banking Statements, then, a Mortgage Prequalification Letter is Issued.

We offer Conventional, FHA, Reverse, USDA, and VA Mortgages.

When you think mortgage, think Josh, Mortgage Josh, Your Friend in the Mortgage Business! – 251 382 3729 call – Josh@MortgageJosh.com – www.MortgageJosh.com. – Josh Aaron nmls: 213887 – NFM, Inc 1535 S Schillinger Road, Mobile, AL 36695

Loan Process - Part I - Prequalification

The first part of the loan process is the prequalification. During the first conversation basic information is collected: Name, Address, Social Security Number, Date of Birth, Time on Job, Monthly Income, Checking and Savings Account Balances and Current Rent/Mortgage Payment. Credit is then pulled and your Debt to Income Ratio (DTI) is calculated to see how much house you can qualify for. Once the proceeding is complete the loan program best suited for your situation is determined.

Documentation is then collected to verify the above information: Driver’s License, Social Security Card, 30 Day Paystubs, 2 year W2s, 2 year Federal Tax Returns and 60 days of Banking Statements, then, a Mortgage Prequalification Letter is Issued.

We offer Conventional, FHA, Reverse, USDA, and VA Mortgages.

When you think mortgage, think Josh, Mortgage Josh, Your Friend in the Mortgage Business! – 251 382 3729 call – Josh@MortgageJosh.com – www.MortgageJosh.com. – Josh Aaron nmls: 213887 – NFM, Inc 1535 S Schillinger Road, Mobile, AL 36695

Prequalification - Loan Process.wmv