Once you select a home, processing a loan can take up to 40 days to process, depending on which type of lender that you use.

Typical Lenders
Banks are one type of home mortgage lender. Banks offer their own specific loan products for consumers. Banks have a preference to bring the home loans to themselves, so that they will gain the interest on the money they lend to consumers.

Brokers shop all of the lenders for loan products for their clients.
Brokers typically do not fund the loans themselves, like banks do. Brokers engage in business with banks to bring customers to them.

The Typical Loan Process
A traditional lender, such as a bank, will pre-qualify you by looking at your income, your debts and the amount of the down payment you'll be offering. At the same time, they begin collecting information and documents that will assist them in the processing of your loan. They then submit that information to their corporate headquarters.

A loan processor at their central office reviews your information and requests any additional documents that you may not have supplied. Once all of the documentation is complete, everything is sent to an Underwriter.

The Underwriter verifies all of the information in the application and will approve or decline your loan.

If the loan is approved, the closer assembles the paperwork and mails or faxes the documents to a local office.

The Escrow or Title Company closes the loan.

To assist us in speeding up the process for obtaining a loan, visit our Loan Checklist for the details on the information you should have ready to provide to us.