What happens after I have applied for my loan?

Hopefully, at the application session, you have been able to supply the sales representative with all the necessary documentation that he/she has requested from you. If so, the sales rep will order an appraisal of the property and submit the loan package for underwriting. The loan will be reviewed by an underwriter in a day or so, and you will be contacted if any additional information is necessary. When the appraisal and any additional information is received the loan will be underwritten and if appropriate an approval will be issued. This is usually occurs within 8-14 days. When the loan is approved you will receive a Commitment Letter that will inform you of any closing conditions and instruct you to schedule the closing with the attorney.

Posted in: The Home Buying Process