#10 Several Sets of Eyes!




 
     


Before moving your prep package on to the next important stage in the process of acquiring a mortgage loan, your mortgage loan officer will have meticulously reviewed your application documentation.  They will have run your credit, analyzed your income and employment, and reviewed your assets for cash needed, probably several times!

Together, you have covered all the bases in preparing this important documentation.  Together you have checked and crosschecked everything necessary to move the process successfully to the next step.   Your loan expert analyzes the information package for completeness and all needed inclusions.    With you, personally, your detailed information and your overall profile in mind, your expert begins to research which kind of loan would best fit your needs and goals.

When the best match choice has been decided, your loan officer then is ready to issue a Pre-approval.   This is the point in the application process when your file goes to the Processor, the department and/or individual that double-checks everything in your file – again – for completeness, verifiability, and the recommendations of your loan officer.  The Processor can (and does) verify all information that has been placed on record, in your file.

It is easy to see at this point how careful and how thorough the home loan application process is. And it is all on your behalf.  What your home loan “team” does not want is to get further along in the process and discover an important detail that can at the least cause delay – and at the worse, be a deal breaker.

When the Processor is satisfied that your file is in order, that your loan officer has been accurate, thorough and precise in guiding and helping you put all the needed detail information together, it is time to pass your files to the Underwriter.  At this point, if it seems that your file is just moving through still another repetition of checking, verifying and closely scrutinizing – well, you would be right!

As your file moves through each stage of examination and verification, it is also moving closer and closer to more stringent aspects of responsibility, risk and integrity.   As an applicant, you are asking an institution to loan you a lot of money, on your good character and financial track record – and that’s huge!

The Underwriter verifies (actually re-verifies) and re-checks everything, and analyzes the particular loan your loan officer has recommended -- to make sure it’s the right fit!

Your loan officer wants to be sure that all i’s are dotted and all the t’s get crossed.   As trite as that old expression may sound, it is critical in this process.   If all is in good order, when you start your home search, it will be real, accurate, driven by secure Pre-approval – and truly exciting!

What comes next, with Pre-approval in hand?  Should you look at some of the homes you have had on your dream list?   Perhaps you got some great ideas during the Open House Season.   Will they fit your Pre-approved loan limits?  You might be looking at coordinating your home acquisition (and the move) with the kids’ school vacation.

Whatever the reasons or timing – you are on the way!   Your mortgage loan officer is happy for you and looks forward to soon seeing yet another client into a home of their own.

In my next article, I will discuss that critical part of the process where you bring your dream into practical balance with your Pre-approved status, and your actual search for your home!.

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