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Application Process
Application Process
  International Mortgage Investors


Applying For Your Mortgage

For many home buyers, the process of applying for their mortgage is one of the most stressful financial transactions they ever make. It seems your lender wants to know everything about you and your finances. And you worry something will not be "up to par."

But if you know what to expect and what your lender is looking for you’ll find applying for your mortgage isn’t so bad after all. It’s still time-consuming, but there’s no reason for it to be difficult.

This material will help you know what’s coming when you apply for the mortgage that could pay for the house of your dreams!

Table of Contents
  Section 1: What to expect when you apply for your mortgage
Section 2: Your application checklist
Section 3: What happens after you’ve applied
Section 4: What you can do after you’ve applied
Section 5: Getting the word and what’s next
Section 6: Glossary of terms

Section 4: What you can do

How Long And How To Make It Easier

How long you can expect to wait...
what you can expect to receive...
and how to make the waiting easier.

The time between making your application and receiving the final word on your loan is nerve-wracking for every home buyer even if your lender indicated your application will probably be approved.

Just how long will it take? Processing times vary, and can be affected by things beyond your lender’s control waiting for verifications to be returned and the like.

Generally, though, you should expect the approval process to take about 30 days. Your lender should be able to give you a fairly accurate idea when you complete your application.

What you’ll get

Shortly after you complete your application—within three business days—you should receive two separate pieces of information from your lender (they may be given to you during your application interview).

  • A Good Faith Estimate of your closing costs. This document lists the costs you can expect to pay at the closing and settlement of your mortgage, if it is approved. These costs include such items as the loan origination fee, mortgage insurance, title insurance, escrow reserves and hazard insurance.
  • A Truth-in-Lending Disclosure statement. This statement provides important information about the mortgage you’ve applied for, including your estimated monthly payment. It also shows the total cost of all finance charges, stated as an Annual Percentage Rate (APR). The APR includes all finance charges, origination fees and other charges in addition to the interest on the mortgage, and converts all of them to an annual interest rate. As a result, the APR is usually higher than the interest rate alone.

How to make the waiting easier? The single most important thing to remember while you’re waiting for your loan to be approved is this:

Lenders want to approve loans.

After all, that’s what they’re in business to do. That’s how they make their living.

And if you’ve provided complete and accurate information, along with supporting documentation, on your application, you’ve already helped assure that your application will be processed promptly.

But even if you have been completely accurate, you should be prepared for your lender to ask for additional information about you or the home you’re buying. A request for more information isn’t necessarily a "bad omen." Just provide the information that’s been requested as quickly and completely as you can.

In general, it’s a good idea to keep the lines of communication open. If additional questions do arise, it’s important for you to be available to provide the information as quickly and completely as possible.

If you have travel plans, for example, you may want to provide a telephone number where you can be reached, or use your Realtor as a contact person.

If you have questions, you can call your loan officer, or you may be given a person in the loan processing department to contact about the status of your application. But keep in mind that processing your loan will take several weeks under the best circumstances and calling all the time to ask about it won’t speed it up one bit.

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