Mortgages: Processing, Underwriting, and Closing - YouTube

I'm Ann Byer with Keller Williams and iIm Teri West with Draper and Kramer

Mortgage. Today we're going to talk about the next step. You've

found the house you've signed an agreement of sale now what happens with

your mortgage and we're going to talk about it right now

so the next step after you found that house is to make your application formal

so we already would have done the pre-approval so I should have most of

your information I may need some documents to back that up but you're

ready to go all I have to do is put in that property address and we're gonna

make your application formalized then what we're going to do is we're going to

disclose that loan to you officially which means that we are going to send

out documents to you to either physically sign or electronically sign

you do have a choice with Draper and Kramer we have a technology to make it

really easy so we will email you those disclosures you have the opportunity to

e sign them so you'll assign them and then that starts the process with your

consent we can move forward then and get your loan into the processing stage and

what that means is that we're going to have somebody check everything that you

gave us check what I've taken on your application check the documents to back

that information up and go through that file so it's all ready for what's called

the underwriter the underwriter takes all that information and reviews that

and make sure it matches the loan program that you're using okay whether

it be a conventional loan with Fannie Mae or Freddie Mac whether it be a

government loan with FHA or USDA or VA we're going to check it and make sure

it's ready to go in that time we're also going to do an appraisal and the

appraisal is different from your home inspection that you might be getting

done as well the home inspection is to make sure that your home is in good

shape and you're gonna go forward with it the appraisal is to determine value

so that's very important because we're giving you all this money we want to

make sure that the value is there for that property we get that done the

underwriter gets all that information she says okay we're gonna promise to

give you a mortgage based on the information you gave us we

may need a pay stub or we may need to see some money clearing your account but

other than that we're going to commit to you to give you that mortgage and that

mortgage commitment is very very important for an right we have a

specific date and a deadline in the agreement of sale and that's why a good

lender is critical because if you miss that date you are in default and your

deposit money is at risk so you want to make that date so that's my

responsibility is to make sure you make that date so we do our underwriting and

processing very quickly to make sure you're going to be ready to go

we typically process and underwrite files within seven business days of

receiving them so my staff is very very efficient with what we need done on the

back end and behind those scenes that you don't see so after we do that we'll

get that mortgage commitment after that you're going to shop for your homeowners

insurance so we have that we'll take care of that we'll take care of the

title information and that's something that we handle on the back end as well

for you so that you're going to be all ready for that closing day so my job is

to make sure you get from application just closing in a timely fashion and

you're ready to go so if you need a mortgage call Terry and if you need real

estate you want to call Anne we're your mortgage connection and

remember Terry for your mortgage and remember Anne your real estate agent

your local connection