Applying for a mortgage loan in Conroe, Texas can be a daunting task. But with the right guidance and preparation, you can make the process much smoother. In this article, we'll provide an in-depth look at the steps of applying for a mortgage loan in Conroe, Texas, from gathering the necessary documents to closing on your loan. The first step is to fill out an application form.
This form will ask for detailed information about you and the property you want to buy, as well as documentation about your personal finances. The lender will examine this information, as well as your credit history, and you'll be ready to continue with the mortgage loan process. You'll need to collect several documents from you to provide to the insurers. In addition, insurers can request additional documents during underwriting, and they do so frequently.
During the application process, you'll be assigned a loan officer to originate your loan and help you through the process. Once your loan agent compiles your application documents, selects the appropriate documentation for the loan program you applied for, and prepares your loan package for processing, the file will be sent to a processor. The processor will verify many of the items, such as income, employment and assets, before sending them to the insurer. This requires telephone verifications and, often times, the receipt of documentation from your employer.
Depending on market conditions and the cooperation of all parties to whom we make requests, such as your employer, a pre-approval can usually be issued within 24 to 48 hours after all documentation has been verified and, most of the time, we can obtain your approval the same day. Once we have compiled your application and the necessary documents, selected the appropriate documentation for the loan program you applied for, and prepared your loan package for processing, the Processor will take over much of the work on your file. The appraiser's job is to determine the fair market value of the home you are buying or of your current home if you are refinancing. Appraisers in Texas do this by verifying the physical features of the home and land. This will be done through a personal inspection of the property to verify its condition, square meters, number of rooms, construction materials used (brick, cladding, etc.).
The appraiser will contact you to schedule the appraisal if it is a refinance or will contact the seller if it is a purchase. The cost of appraising a single-family home generally remains fairly standard in Texas as long as the property is not rural, difficult to access or of an unusual size or floor area. The amount must be paid in advance as appraisers are external contractors and are not part of our company. The insurer is ultimately responsible for approving your mortgage loan. Before presenting it to the Insurer, we have already received conditional approval from our automated insurance system. The “real person” insurer must verify and qualify your income, credit, cash reserves and the property itself.
If everything meets the guidelines established for the program, a conditional approval will be granted listing any remaining items necessary for the lender to issue funds to close the loan. In mortgage lending it's extremely important for insurers to have all necessary documentation to create a solid financial picture because their job is at stake with every loan they approve. Therefore if they request additional information it's imperative that we provide it immediately. There are costs associated with processing and closing a mortgage loan such as application fees points title insurance credit processing etc. A closing agent will prepare and send a package of loan closing documents to a closing company and transfer loan funds to them. When budgeting for purchasing your new home be sure to consider closing costs (this cost will be provided in our free good faith estimate). The documents will be sent to a land title company for both you and seller to sign.
Funds like any remaining down payment and closing costs must be paid at this time. Mortgage closing costs typically include items such as appraisal fees title exam settlement fees title insurance credit reporting fees and application fees.
Texas Premier Mortgage
is one of leading mortgage lenders in Conroe Texas offering purchase refinancing and home equity loans in and around Conroe TX. Our goal is provide you with best rates lowest rates combined with our award-winning service. We offer conventional FHA VA Jumbo and USDA mortgage loans.Our group of experts will help decide which mortgage loan fits your needs exceeds expectations. As mortgage broker we have access best newest programs on market. Your income level will allow lender determine how much of loan qualify for mortgage on home in Texas.
