The WHOLE Loan Process From Beginning To End | Mortgage process


hey this is Chris Trapani the mortgage
Pro in this video I’m gonna give you nine steps through the loan process from
beginning till funding and recording and becoming a homeowner. you know people
want to know what is the loan and application process in order to buy a
home well step number one you have 2 kind of options here one is sit down
with me we’ll fill out the application together
and I’ll figure out what documentation you need or you have an option you could
always go to www.Christhemortgagepro.com click on apply now fill out the
application takes you less than ten minutes and we could start from there
either way we start with an application from there I discern what kind of
documentation we need first of all we’re gonna run the credit sometimes the
documentation is reflected on what I see on the credit report I’m gonna need in
most cases I’m gonna need two years w-2s two years taxes if you’ve had a
bankruptcy I’m gonna ask for the bankruptcy papers there’s a lot of
little things we need we obviously need to show where is the money coming from
from the down payment I need two months bank statements all pages even if it
says this page intentionally left blank they don’t know it says that I need that
page too so we’re going to determine what documentation you need and we’re
gonna start there step number two we put all the documentation together I submit
it to my processing department we order title we open up escrow we figure out
what we need the processors job is to go through all the documents go through the
application say we also need these papers very common step in the meantime
you’re gonna sign disclosures they can electronically be signed or you can sign
it by hand that’s gonna be up to you step number three we have to order the
appraisal we order the appraisal through at what’s called an appraisal management
company we don’t pick up the phone and call Harry the appraiser we have to
legally order it through the appraisal management company and what
they randomly picked an appraiser in the area step number four we’re gonna take
all the documentation we’re gonna take the escrow information from the escrow
company the title information from the title company we’re going to take the
appraisal now that we have it and all the documentation that we received from
you we’re gonna put it all together and we’re gonna submit it to the underwriter
the underwriter is gonna approve the file by checking every single item
there it could be a stack of paper this thick we do it electronically now so
it’s really not paper anymore step 5 the underwriter approves the file they
approve the file but they’re gonna ask for hey prove this to me
I need this piece of paper I won’t feel comfortable til I see this very common
that’s what happens on every single loan step number six we get all those
conditions that the underwriter has asked for and what we do then is we
order the CD it’s called the closing disclosure you sign the closing
disclosure and legally you’re not allowed to sign the documents for three
more days step number seven you’ve signed the CD we’re ready to sign the
docs now you can often go to the escrow
company and have a notary sign you there sometimes we could send the notary right
to your house or to your place of business or you can meet at a local
restaurant of Starbucks step number eight all those documents go back to the
company the underwriter checks them off the escrow company the title company
they all work together to make sure everything fits exactly like it should
and then we fund the loan last step step number nine recording the loan the loan
may fund but until it’s recorded with the local county the county once it’s
recorded says the house is yours you have officially fired your landlord and
become a homeowner

Paul Whisler

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