7. Complete a Full Mortgage Application If required, you'll pay an application fee, and then your broker will help you submit documentation for the final mortgage application. Much of the documentation will have already been gathered during pre-approval, but you will need your most recent pay stubs and will need to authorize another credit pull. 8. Wait for Processing and Underwriting Once your application is complete, it goes to the lender for processing and underwriting. Your documentation will be thoroughly reviewed. The lender will pull your credit and verify employment. The lender will also evaluate the property to determine its eligibility to act as collateral for a loan. More on that in Step nine. 9. Have the Home Appraised A lender will always require a professional appraisal of the property. That appraisal will act as its official value for the purposes of underwriting the loan. The lender usually picks the appraiser, but you will have access to that appraiser’s name and credentials.
LARRY LOAN OFFICER | OFFICE 904-555-1010 | Larry@loans.com | www.Authorify.com
RITA REALTOR | BROKERAGE 904-555-5555 | Rita@realtor.com | www.Authorify.com
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