Mortgage Process Step #3

Underwriting Stage

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What to expect from

processing and underwriting

What to expect from processing & underwriting

As soon as your purchase offer has been accepted by the seller, the clock starts ticking on a number of tasks that have to be completed within the “due-diligence” period, a timeline detailed in the purchase contract. A full underwritten approval by the lender, an appraisal, and home inspections (depending on the loan type and contract) are the first three major requirements that need to be met when purchasing a home.

A few items obtained during the underwriting stage:

  • Appraisal
  • Updated Title
  • Escrow Amounts
  • Loan Payoffs
  • Additional Property Liens
  • Taxes
  • HOA Paperwork
  • Additional Loan Paperwork

Mortgage Loan Process

Step 1: Documentation

Step 2: Appraisal

Step 3: Underwriting

Step 4: Conditional Approval

Step 5: Clear To Close

Step 6: Closing

Please feel free to contact us at any time if you have any questions about your loan status or next steps in the process.

Mortgage Loan

Things to know

It’s important to have all of your updated paperwork ready to go as soon as possible. This may mean providing updated pay stubs and bank statements the moment they become available throughout the underwriting process.

The underwriters will evaluate the property, title, and the information and documents you provided once your final loan package has been submitted. This can take anywhere from a few days to several weeks to determine final approval and a conditions list, which could include a final letter of explanation for findings on a credit report, an official verification of employment, and an updated homeowner’s insurance policy provided by your home insurance agent.

Please do not make changes to credit or employment, such as:

  • No major movement in your bank accounts
  • No new credit applications or paying off old collections
  • No financing new furniture and/or appliances
  • No changing your employment status

Ready to learn more?

Review the previous step in the mortgage process.

Learn about the next step in the mortgage process.