MoneyWisdom Blog

What happens after you complete an on-line mortgage application?

Posted by Bill Burpeau on Aug 9, 2013 4:00:00 PM

Mortgage ApplicationThe Hanscom FCU on-line applicationasks you questions about the home and your finances and takes less than 20 minutes to complete.

As soon as you've finished the application and clicked submit, we'll review the request and discuss possible options with you.

A Mortgage Loan Officer and Mortgage Processor will then contact you to introduce himself or herself and to answer any questions you may have. Your Mortgage Loan Officer is a mortgage expert and will provide help and guidance along the way. They'll ask you for any information required to make a decision about your loan.

We'll send you an application kit and prepare your loan for closing.

The application kit contains papers for you to sign and a list of items we'll need to verify the information you provided about your finances during the on-line application.

We'll order an appraisal of the home you're looking to buy from a licensed appraiser who is familiar with home values in your area. Depending on your finances and the loan amount requested, different types of appraisals are used.  If you want to get an estimated price range of a home, type the address into our Home e-Valuator.

Title insurance will be necessary. If you're purchasing a home, we'll work with the real estate broker or seller to ensure the title work is ordered as soon as possible. If you are refinancing we'll take care of ordering the title work for you. We'll use the title insurance to confirm the legal status of your property and to prepare the closing documents.

Your Mortgage Processor will keep you informed every step of the way via e-mail and/or by phone.

After we have received the application kit back from you and the appraisal and title work are completed, we'll contact you to schedule your loan closing. If you are purchasing a home, we'll also schedule the closing with the real estate broker and the seller.

The closing will take place at the office of an attorney in your area who will act as our agent.

That's all there is to it! You're on your way to the most convenient home loan ever!

If you're thinking about buying a home this year, get pre-qualified and keep an eye on interest rates.  You can sign up for rate watch today and get our mortgages emailed to you daily.  Or if you prefer, you set specific criteria for the rate you want and we'll email you when that criteria is met.

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Topics: Home

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