4 Phases of the Home Loan Process

Stephen Green By Stephen Green



There are many details to take care of when purchasing a home, which can make the process stressful for a lot of people. In order to have the best experience possible, it’s important to understand everything that goes into the process. The four stages of a home loan are:

  1. Application

The application is the first step in getting approved for a home loan. During this time, you will present the required documents, such as pay stubs, tax returns and bank statements, to your loan officer. These items will be reviewed by the lender to determine if you will qualify for a loan. At Simply Home Lending, this stage has been streamlined. Along with an in-person application process, we also offer an online application that will allow you to easily submit your information when it’s convenient for you.

  1. Processing

The next step is processing. This is where all of the documents you provided with your application are verified. Once everything is in order, the appraisal and title are ordered so the next stage of the loan can occur.

  1. Underwriting

The third step is underwriting. During this stage, the loan and supporting documents will be submitted to an underwriter for review and approval. Conditions will typically be set by the underwriter that will need to be met before the loan is clear to close.

  1. Closing

The final stage, and the one everyone looks forward to, is closing. At closing, all documents are explained to each party and the paperwork is signed. The interest rate, payment amounts and closing costs are also confirmed and funds are then transferred to complete the closing process.

Our focus at Simply Home Lending is to help people with all of their home loan needs. We are committed to working with the borrower to make this process as easy as possible. For more information about the loan process, or to start the process of getting a home loan, please contact Simply Home Lending today.