Submitting your Application
Depending on who you are working with, and how much help you need, you can fill out the application on your own, do it over the phone with your mortgage representative, or in the office at the time of your meeting.
If you choose to fill out the application during the meeting with your mortgage representative, the meeting can take up to 2 hours. If you have filled out the application yourself, or worked on it over the phone, then it can be as quick as 15 minutes. During your meeting you will verify the information on your account with the mortgage professional and then sign it. You application with then be sent to the lending institution.
In order to speed up the process, you should share the information needed to retrieve your credit rating so that it is ready when you go in to sign your application.
Keep in mind that the meeting is a good time to ask questions. You shouldn't sign anything that you do not understand so take your time to read everything and ask the questions you have before the application gets submitted. Problems can arise with the assumptions people make by not asking questions.
Processing your Application
This part of the process can take between 1 and 3 days. After the meeting, your mortgage professional will review the application to make sure it is accurate, after this the application gets sent to the underwriter of the lender who will (hopefully) approve your mortgage application. It's possible that you will get a call for additional information, this is a good sign in that your mortgage professional is doing everything they can to speed up the process.
If there are any changes to the application during this part of the process, make sure you request a copy of the application with the changes to be sent with your Good Faith Estimate that will be sent within 3 days - as required by law.
Click here to find out about the process of Underwriting