Mortgage Application 101.
Buying a new home is an exciting endeavor, but applying for a mortgage may feel a bit daunting. Although there are various stages of the mortgage application process, our goal at Bethpage is to make the experience as easy as possible to help get you into your new home quickly. To help you visualize the journey, here is a snapshot of the basic stages of the mortgage application process.
PRE–QUALIFICATION
A valuable tool in the home buying process is obtaining a pre-qualification letter. Although not a required step, a pre-qualification letter may help you shop with more confidence as it provides you with an informal estimate of how much you can potentially afford. With a pre-qualification letter, sellers and their agents will see that you are a more serious buyer and have the potential means to purchase the home within the range of the listed sales price. To pre-qualify, lenders will need some basic information, such as your income, assets, employment, and liabilities.
To learn more or get started, please visit lovebethpage.com/prequalify.
SUBMITTING AN APPLICATION
Once you have found your home, your offer is accepted, and you have signed a contract of sale, you can begin your mortgage application. A Bethpage Mortgage Loan Officer (MLO) will be assigned to work with you through each step of the application process. For your convenience, you may complete and submit your application online, or MLOs are available to assist you with an application over the phone.
APPLICATION IN PROCESS
Once your application has been submitted, a Bethpage Processor will be assigned to assist you with obtaining the necessary supporting paperwork needed to process your loan. Your Processor will also order an appraisal to ensure the home value aligns with the sale price and loan amount. Once all required paperwork appears to be in order, your application will then be assigned to an Underwriter for review.
UNDERWRITING AND APPROVAL
The Underwriter will review all paperwork provided, such as your credit report, appraisal, income and asset documentation, etc., and render a decision on your loan, including whether additional documents are needed, or whether the loan is approved, denied, or counter-offered. Your MLO or Processor will inform you of any additional items or conditions that are needed. If your loan is approved, congrats!
CLEAR TO CLOSE AND SCHEDULING A CLOSING
Once all conditions have been met on your loan approval, your file is deemed “clear to close.” At this point, a Bethpage Loan Closer will be assigned to the file to begin assembling the closing documents and coordinating a closing date with the various parties (e.g., you, your attorney (if applicable), seller’s attorney (if applicable), the settlement agent, and title company). The necessary party(s) will notify you of any items you need to bring with you to your closing.
CLOSING
You made it! At closing, you will need to sign the closing documents, the mortgage proceeds and other funds will be disbursed by the applicable parties, and then all you need to do is celebrate and find a great keychain for your new house keys!
Apply and track your Mortgage application online.
The Bethpage Borrower Center allows you to track your application progress, securely upload documents, and stay up-to-date on your action items, such reviewing and executing documents. The Bethpage Borrower Center gives you the power of knowing right at your fingertips. Visit lovebethpage.com/mortgageapp to learn more.
All loan terms are subject to credit and loan program requirements. Rates, loan programs, terms, and conditions are subject to change without notice. Other restrictions and limitations apply. Bethpage does not offer residential mortgage loans in Texas. Credit products require membership at or prior to consummation. Bethpage NMLS ID: 449104.