Mortgage Lending Process
Do you have a dream of homeownership? Start the mortgage process today and become one step closer towards achieving that dream.
Step 1: Apply for the loan
The loan application can be pared down to only the most essential information. Here's what is needed:
- Borrower Information - The basics about you.
- Property Information - The basics about the property you want to finance.
- Income - What you make.
- Assets - The assets you plan to use for the down payment and closing costs.
- Liabilities - What you owe and to whom. We will run a credit report to confirm liabilities and fill in that section of the application for you. (You'll have a chance to review and make any corrections.)
- Declarations - A few more questions to complete your application.
Step 2: Credit Request
- In many cases, you can get an immediate credit approval of your loan request.
- A specific loan amount and loan program is approved based on your income and debts.
- The loan is legally subject to underwriting the property you are financing and verification of the information you've provided on your application.
Step 3: Your Loan Application is Processed
- When the loan is processed, the information provided on the application is verified. The minimum documentation to verify assets and income will be requested.
- The property will be reviewed by ordering an appraisal, title report, and flood certification on the home.
- Bethpage collects a non-refundable application and appraisal fee upfront.
- An escrow account is set up for the loan closing and applicable disclosures will be sent so you have a chance to read through them.
Step 4: Final Loan Approval
- Final loan approval involves the underwriting of the property and loan application information.
- The lender will underwrite the information received and give final approval to ready the loan for closing. A mortgage loan can be reviewed multiple times for outstanding conditions after a commitment letter (approval) has been issued. Only when a loan is cleared from Underwriting (after final review) will documents be prepared for closing.
Step 5: Almost There, Closing!
- Sign Your Documents & Disbursement
With final loan approval, the loan documents are prepared for you to sign and are then sent to an escrow company for signing. Once all signed documents are received, your lender will transfer the money to the escrow company and they will disburse the loan and record the documents.