How Does The Average Mortgage Process Work?
You complete the loan application with the help of a Hemisphere Financial Services loan officer who will work to get you pre-qualified for the amount of much of a loan you can afford. You then compile all required documentation regarding your finances that might be needed as well as any additional documentation required by the lending institution which can include: verifications of employment and deposit, appraisal, title and or credit reports. Once all required information is gathered and received at our office, we compile a loan submission package and send it to the lending company’s underwriting department. The underwriter reviews the loan and depending on the strength of the loan and the submission package, either approves your loan or denies it. If it is approved any conditions from the underwriter are cleared and the closing documents are ordered. Credit denial is rare at this stage, as the strength of your mortgage package is determined during pre-qualification . That is why it
