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The Mortgage Loan Process

The mortgage loan process doesn't have to be difficult. Once you have made the decision to pursue applying for a mortgage loan with MVP Lending, your Mortgage Loan Originator will work with you to obtain the necessary documentation required for a loan decision to be made.

A pre-purchase home inspection, performed by a professional, is a visual examination of the readily-accessible areas of a home to provide an accurate evaluation of the home's condition at the inspection. This evaluation is presented to the buyer in a comprehensive report so buyers are fully informed of the home's condition during the mortgage loan process and prior to purchase. While a home inspection is not required, it is highly recommended.

Below is a summary of the mortgage loan process so that you will have a better understanding of what you can expect:

  1. 1. Pre-Qualification & Application
    When you enter into the legal agreement with a lender, your house is used as collateral for that agreement. If you fail to pay back the loan, the bank can actually take your house back through a process called foreclosure.
  2. 2. Offer to Purchase Contract

    Once you’ve found a suitable property, you’ll need to put in an offer on it. Your real estate agent should help you to do this, as different sellers and properties require different sorts of offers.

    At this stage, you’ll normally have to put down earnest money, a deposit that indicates you are seriously interested in a property. Typical earnest money deposits are 1% to 2% of the sale price. If you close on a property, this money is put towards the downpayment.

    Normally, your offer will also contain contingencies that allow you to pull out of the deal. These are designed to protect you and your money if the house you’ve chosen is not quite what it seems. Common contingencies include:

    • Appraisals must come in close to the loan amount, not lower
    • Home inspections do not find major issues with the property
    • You are able to secure final mortgage approval
  3. 3. Loan Options & Borrower Checklist
    Your mortgage loan officer will help you determine which mortgage is right for you by discussing different rate and term options. You will receive a customized checklist of the income and asset documents we will need from you. It is important to send these documents to your loan officer as soon as possible.
  4. 4. Disclosures & Appraisal
    We will then prepare disclosures outlining an estimate of costs to expect at closing. In order for the process to continue, you will e-sign the disclosures with your "intent to proceed". We will order a property appraisal from an independent third party appraiser. It typically takes 1 to 2 weeks for the appraisal to be completed. Upon completion, the appraisal is reviewed by our underwriter and approved by Uwharrie Bank.
  5. 5. Conditional & Final Loan Approval
    To ensure everything is complete and accurate, we will review and underwrite your file and request any missing or needed documentation to support your loan request. Once these conditions are received, your loan is reviewed by our underwriter for final approval.
  6. 6. Closing
    Everyone involved with your home purchase will work together to calculate a closing date and time, so that you are not rushed, you should allow 45 days from start to finish.
  7. 7. Home Ownership
    After all documents are signed and recorded, congratulations you are a homeowner!

Are you in need of a loan? Get in touch with us.

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4000 MacArthur Blvd. Ste 800
Newport Beach CA 92660


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