What To Expect When Applying For A Seattle Mortgage
Ever hear some of the horror stories of mortgage companies taking several weeks to months to close out a loan that should have been fairly simple? Unless your lender is experiencing an influx of mortgage applications which may cause a back up in their underwriting turn around times, it shouldn’t take more than a few days for an underwriter to review your file and render a decision on the loan. Many first time home buyer are virtually clueless on what is expected and they fail to submit the proper documentation at the initial consultation. Once a lender receives your verbal or written permission to check your credit history for a Seattle mortgage that loan application has begun.
Even if the borrower decides after the credit report has been pulled that they’re no longer interested in the loan, a decision has to be made on the application if the lender is following federal guidelines. Consumers can help streamline the application process by bringing important documents with them to their initial interview. All applicants are required to provide evidence of a two year work history in the same field. Evidence of any assets that are going to be used to help secure the loan should also be presented. In addition to the required government disclosures borrowers who apply for Seattle mortgage loans must sign Washington State specific forms such as the loan disclosure summary, funds to be held in trust, and the Lender relationship form.
A purchase agreement is another document required along with an appraisal of the subject property. Your lender or mortgage broker will handle ordering the appraisal although you will be required to pay the appraiser. Once your loan has been approved by an underwriter any other conditions required before closing will be stated on the commitment letter. After the required documents have been reviewed and approved your underwriter will send a final commitment which is an approval to close the loan. Once you sign the documents at the closing table you’ll receive your keys along with information telling you when you must begin to make payment on your new Seattle mortgage loan. Pay close attention to those documents because sometimes the payment coupon doesn’t come on time. The last thing you want is to be late on your first payment.
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