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Mortgage approval process

Updated: 9/13/2023
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16y ago

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apply for the mortgage.

Lender verifies credit / assets / job history / income.

Lender gets appraisal on home and has title work done to make sure there are no clouds on title.

You get homeowners coverage for the new home.

Underwriter makes a decision on the loan.

If approved, lender sends documents to title company or attorney.

You go to closing and seller goes to closing.

Investor wires money to title.

Title disburses funds

You move in :)

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16y ago
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The steps involved in the mortgage process include Pre-Approval., Full Application, Submitted to Processing, Submission to Underwriting, and Underwriting.


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You will have to contact a financial institution to apply for a second mortgage. After approval, each institution will have a different process and rates. A mortgage broker would also be a good person to speak to.


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No,GAO have no final approval on the budgeting process


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The approval process is generally pretty quick, within a week's time or so, assuming you've submitted all the requested documentation in a timely fashion. The closing process is where the wait comes in. There's usually at least a 3-4 week waiting period from the time of approval.


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