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Loan Process From Beginning To End | Mortgage process [FHA Loan] Home Loans - YouTube
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hey this is Chris Trapani the mortgage
Pro in this video I'm gonna give you
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nine steps through the loan process from
beginning till funding and recording and
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becoming a homeowner.
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you know people
want to know what is the loan and
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application process in order to buy a
home well step number one you have 2
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kind of options here one is sit down
with me
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we'll fill out the application together
and I'll figure out what documentation
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you need or you have an option you could
always go to www.Christhemortgagepro.com
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click on apply now fill out the
application takes you less than ten
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minutes and we could start from there
either way we start with an application
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from there I discern what kind of
documentation we need first of all we're
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gonna run the credit sometimes the
documentation is reflected on what I see
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on the credit report I'm gonna need in
most cases I'm gonna need two years w-2s
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two years taxes if you've had a
bankruptcy I'm gonna ask for the
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bankruptcy papers there's a lot of
little things we need we obviously need
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to show where is the money coming from
from the down payment I need two months
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bank statements all pages even if it
says this page intentionally left blank
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they don't know it says that I need that
page too so we're going to determine
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what documentation you need and we're
gonna start there step number two we put
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all the documentation together I submit
it to my processing department we order
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title we open up escrow we figure out
what we need the processors job is to go
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through all the documents go through the
application say we also need these
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papers very common step in the meantime
you're gonna sign disclosures they can
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electronically be signed or you can sign
it by hand that's gonna be up to you
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step number three we have to order the
appraisal we order the appraisal through
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at what's called an appraisal management
company we don't pick up the phone and
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call Harry the appraiser we have to
legally order it through the appraisal
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management company and what
they randomly picked an appraiser in the
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area step number four we're gonna take
all the documentation we're gonna take
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the escrow information from the escrow
company the title information from the
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title company we're going to take the
appraisal now that we have it and all
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the documentation that we received from
you we're gonna put it all together and
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we're gonna submit it to the underwriter
the underwriter is gonna approve
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the file by checking every single item
there it could be a stack of paper this
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thick we do it electronically now so
it's really not paper anymore step 5
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the underwriter approves the file they
approve the file but they're gonna ask
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for hey prove this to me
I need this piece of paper I won't feel
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comfortable til I see this very common
that's what happens on every single loan
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step number six we get all those
conditions that the underwriter has
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asked for and what we do then is we
order the CD it's called the closing
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disclosure you sign the closing
disclosure and legally you're not
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allowed to sign the documents for three
more days step number seven you've
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signed the CD we're ready to sign the
docs
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now you can often go to the escrow
company and have a notary sign you there
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sometimes we could send the notary right
to your house or to your place of
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business or you can meet at a local
restaurant of Starbucks step number
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eight all those documents go back to the
company the underwriter checks them off
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the escrow company the title company
they all work together to make sure
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everything fits exactly like it should
and then we fund the loan last step step
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number nine recording the loan the loan
may fund but until it's recorded with
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the local county the county once it's
recorded says the house is yours you
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have officially fired your landlord and
become a homeowner
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