Dealing With Ohio Mortgage Lenders

The first step in dealing with Ohio mortgage lenders is called prequalification. The process in which prospective Ohio home buyers work with mortgage lenders to find out how much the buyer is eligible to borrow (prior to the application of an Ohio mortgage loan) is called Prequalification. The Ohio mortgage lenders duty during prequalification is to review the borrower’s credit and income and then find the program that is best suited to the borrower.

The second step in dealing with Ohio mortgage lenders is finding the property. An Ohio borrower with a certain price range (for a home) will work with a realtor to find a potential property. Once the right property is found the realtor (representing the borrower) makes on offer to purchase.

Step three is the application stage. If the offer made by the realtor is accepted then everyone involved in the process will sign what is called a “purchase agreement.”

If the borrower is not already prequalified, then the Ohio loan officer will:

1. Take the loan application.

2. Obtain authorization to order a credit report

3. Provide a preapproval letter to the realtor.

4. An escrow or settlement company will be chosen to collect all deposits and documentation for the sale.

The fourth step in dealing with Ohio mortgage lenders is the processing stage. The lender and the processor work together to gather all the documentation for the Ohio home loan approval. An appraisal, title, and survey report will be requested. If required, a termite or pest report will be ordered. The processor will order all required verifications of employment, assets, mortgage or rental history.

The fifth step in dealing with Ohio mortgage lenders is the lender approval. If the Ohio mortgage lenders are working for a mortgage broker, the processor will submit the loan to the lender for approval. If the borrower is working with a lender directly, the loan will begin the underwriting stage (see step 6).

Step number six involves the underwriting stage. The lender has an underwriter working for her that will underwrite the loan file and provide a decision on the loan.

The seventh step in working with Ohio mortgage lenders deals with conditional approval or denial. If the lender approves the loan it means the broker can provide the additional conditions requested. The items requested will be reviewed by the processor who will then advise the Ohio loan officer. It is the job then of the Ohio loan officer to notify the borrower and the realtor of the status.

Step number eight in dealing with Ohio mortgage lenders is the final approval stage. If all conditions are satisfactorily met, then the lender will issue a final approval.

Step number nine is the loan doc stage. The deliverance of the loan documents between the lender and the escrow or settlement company is coordinated by the Ohio loan processor. The Ohio mortgage lenders will either prepare the loan documents or order them through an independent loan doc preparation company.

Step number ten is the signing stage. The loan processor coordinates the date and time of the signing of the loan documents between the borrower and the escrow or settlement company. Once signed, the Ohio loan documents are returned to the lender.

Step number eleven in dealing with Ohio mortgage lenders is the review. The documents are received and reviewed by the Ohio mortgage lenders to ensure that all necessary documents have been received and signed properly. The lender then prepares to release the funds.

The funding stage is step twelve in dealing with Ohio mortgage lenders. The funds are released and then wired to the escrow or settlement company by the mortgage lenders. The funds are then disbursed to the appropriate parties. The local public county recorder will record the mortgage or deed of trust with the title company (as instructed by the escrow or settlement company).

The final step in dealing with Ohio Mortgage Lenders is step thirteen. This is the servicing step. This is the step in which the Ohio mortgage lender will set up an account to begin collection of the mortgage payments..