HOTLINKS — CHICAGOMORTGAGEFINANCE.COM
Chicago Mortgage Approval Process — We Make It SIMPLE…
Although the process of obtaining a mortgage will differ slightly dependent upon which of our associates chosen, a good example would be as follows:
- Generally, someone will email you a worksheet to fill out and fax back or take the information by phone.
- You would receive a call to walk through a financial scenario or two, determine eligibility, level of approval, best leveraging option and comfort level.
- Documentation would then be collected and you would authorize the application. A pre-approval certificate or letter would then be provided and you then go find the home… or, if refinancing, an instant submission to underwriting could occur.
5 steps to close:
- Authorize your application, supply documentation, purchase contract and schedule closing.
- Appraisal is ordered.
- File is underwritten once appraisal it obtained and all of your documentation is reviewed.
- Within a few days, a loan commitment is issued. Many times it will have some conditions to be addressed the underwriter needs to clarify data and meet guidelines of the loan.
- You send in the conditions.
- The underwriter would then clear the file to close.
