Common Mortgage Terminology

Getting Started: This is the first in a series of videos that will keep you up to date with everything that’s going on with your mortgage application.

Application Received: We have received your application, and we’re reviewing it now. Meanwhile, please watch these important reminders to expedite a successful closing.

Loan Estimate: If you haven’t already, you’ll soon receive an official Loan Estimate. Here’s why you’ll want to take the time to review it.

Documentation: This is the part of the loan process where we need your help in gathering documentation. Watch to see what you should do next.

Appraisal: Understanding the appraisal process will help you prepare. Please watch the quick video to learn more. If you have questions, we’re here to help.

Rate Lock: Learn more about locking and floating your interest rate. When you’re ready to lock, we’re here for you.

Processing: Your loan file is now in the processing stage. Learn what that’s about and what comes next in the quick video.

Underwriting: Your loan file is now with the underwriters. Sometimes, they have more questions. Not always. Your video will tell you more.

Conditional Approval: Your loan application has reached the next milestone. “Conditional approval” may mean we need more from you…or we may be waiting on something else entirely.

Clear to Close: We’re ready to say the three little words every homebuyer wants to hear: Clear to Close! Closing table, here we come. Your video will tell you what to expect next.

Closing Disclosure: If you don’t have it already, your closing disclosure is coming soon. Here’s what it is and why it’s important.

Congratulations: You did it! You’ve signed the papers, and your new home is really yours. Thank you for allowing me to assist along the way. I hope you’ll take a minute to watch one more video. Enjoy!