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Let's go over what you can expect when you submit a loan application. First, documentation.
If you've already had a conversation with a loan officer previously to obtain a pre
approval, chances are they're going to have several of the documents already in-hand.
Just keep two things in mind: they may need updated versions of the documents from you,
and if more than 90 days has elapsed chances are they've destroyed the documentation that
you provided or they've returned it to you because by law they have to do so due to privacy
concerns. So, you get all of your documentation in order with the loan officer. Next is either
your Offer letter or your Purchase and Sale Agreement - signed by both parties. You would
provide that to your loan officer as well. The loan officer will rerun all of your numbers,
tell you what the rates are as of today, and you'll either have to float or lock the rate.
We discuss locking and floating in a different video - check it out. Then, you need to decide
whether or not you're going to submit the application today. And, if you choose to do
so they will collect a form of payment from you - typically a credit card or debit card
number. And they will not charge the card immediately, but that card is for the up front
costs (e.g., the appraisal fee, generally, and the credit report fee). So they will submit
your loan application with your approval, and that kicks off the process. Seventy two
(business) hours from then you'll receive your disclosure package with your Good Faith
Estimate, your Truth in Lending disclosure and several other documents, and if you return,
sign and agree to everything in that disclosure package they will begin the actual loan process.
This means they will also charge your credit card for the appraisal fee and the credit
report fee, and they will order the appraisal to get that process started. So, that is what
happens when you submit your loan application. It's a pretty straightforward process. If
you have any questions about it talk to your loan officer and they'll explain it to you
in greater detail. thank you for watching.