MORTGAGE APPLICATION AND PROCESSING

MORTGAGE LOAN APPLICATION

At this point you will need to get final mortgage approval from your lender. Most lenders will require you to complete the Uniform Residential Loan Application (URLA) which is also known as Fannie Mae form 1003. The form asks about the property you are buying, what type of loan being used, as information about the borrower.

MORTGAGE PROCESSING

During this stage the lender will collect various financial information from you. Some of the documents commonly needed are bank statements, tax records, employment verification, and the purchase and sale agreement of the current property.

After the mortgage processing is complete, the loan enters UNDERWRITING.