It seems like everything is moving online these days. While you used to search for the best mortgage lender near me to see which building to drive to, now you’re just shopping for mortgage lenders.
So it stands to reason that the best mortgage lender near me is no longer just a brick and mortar building, though it could be. The best mortgage lender near me could actually be near everyone with internet capabilities.
Here’s a brief rundown of the online mortgage lending process. It’s not very different from the traditional process but there are less headaches and you can do it in your pajamas.
Application and Interview
You’ll choose the best mortgage lender near me and then set a virtual appointment. This is the day you’ll fill out your application and meet with your Loan Originator to determine which product works best for your needs. This is also when you’ll lock in your rate and provide any required documentation.
Disclosure from Registration Team
The registration team will send documents for your e-signature. Those documents will include your loan estimate and any fees which may be required. You’ll look them over and pay the fees before returning the requested forms to the registration team. The best mortgage lender near me will make the process easy.
Processor Introductions and Underwriting Review
You’ll be introduced to your new loan processor. Your loan processor will be your point of contact until you close on your loan and purchase your new home. Sometimes you may be introduced to your loan processor at the end of registration or it may be necessary to set up a future introduction, depending on current schedules.
The processor for the best mortgage lender near me will be able to answer any questions you may have going forward. They will submit your mortgage application and supporting documents to the underwriting team for final loan approval.
The underwriting team will typically issue a commitment letter notifying you of their intent to proceed with the mortgage. At this point, they will notify your loan processor of any little detail which may need addressed before closing. Your loan processor will work closely with you to ensure your file is cleared for closing in the near future.
Loan Closing Procedures
At this point a loan closing will be scheduled with an attorney and an appointed loan closer who will request any last minute documentation which may be required to proceed. You will receive a copy of the closing disclosures and other paperwork relevant to your file. This is where the best mortgage lender near me helps you buy a home.
Loan Servicing Team
Once your loan closes and you’ve purchased a home, you’ll receive a statement from the loan servicing team. The statement will arrive approximately 15 days before payment is due. You’ll move into your new home and begin making monthly payments on your new mortgage.
Work with the Best Mortgage Lender Near Me
The online mortgage lending process isn’t all that different from the traditional process, only there are less headaches, and you don’t have to leave your house to do it. More of the work is completed behind the scenes to make the process easy and hassle free. Buying a home is still a big deal, it just doesn’t take all day to find the best mortgage lender near me.