What is the mortgage application process?

In Virginia, the mortgage application process begins when the borrower submits a loan application to their lender. The lender then reviews the borrower’s credit, income, and other financial information. After reviewing this information, the lender decides whether the borrower is a good candidate for the loan and what type of mortgage product they are eligible for. The next step is the mortgage loan origination or processing. During this process, the lender processes the loan application and verifies the information from the borrower. They may also order third party reports such as an appraisal of the property and a title search. The lender will then present the loan terms to the borrower and if they agree, the borrower will sign the loan documents. The lender then reviews the documents and sends them to the secondary market for purchase. Once the loan is approved by the secondary market, the lender sends out a loan package with the final loan documents to the borrower. The borrower must then sign and return the documents. Finally, the closing process. This is when the borrower pays closing costs and the loan funds are disbursed. The borrower then officially owns the property and the loan is recorded in the public records. The mortgage application process in Virginia is the process of submitting a loan application to the lender, having the lender review the information, processing the loan, presenting the loan terms, signing the loan documents, and finally, the closing process. Following these steps helps ensure the loan is processed properly and the borrower receives the loan they want.

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