What is the mortgage application process?

The mortgage application process in California involves gathering documents, filling out an application form, gathering financials, and finding a lender. First, a borrower must provide documents that prove their identity and creditworthiness. This can include things like a driver’s license, social security number, income, and employment information. Once the documents have been gathered, the borrower must fill out a mortgage application form. The form includes questions about the borrower’s financial situation, such as income and debt. Next, the borrower must provide their financials, such as income statements and tax returns. These documents will help the lender determine the borrower’s ability to make the monthly payments. Finally, the borrower must find a lender. This can be either a bank or a mortgage broker. Banks will typically offer more competitive rates and lower fees, while mortgage brokers may be more convenient when looking for a loan. The lender will review all of the documents and financials and make a decision regarding whether they will approve the loan. Once the lender has approved the loan, the borrower must sign the loan documents and the loan will enter the closing process. During the closing process, the loan documents are finalized, the title is transferred, and the loan is funded. After the loan is funded, the borrower can begin making the monthly payments.

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What is the mortgage application process?

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