What comes next in the process of a loan accepted?
When you apply for a loan and submit all of the required mortgage application documents to the loan officer, your application will undergo an underwriting process. The underwriter will determine whether you are approved for your mortgage loan. Once approved, the lender will provide you with a commitment letter and require you to meet certain conditions before closing. Disclosure Forms The loan officer must provide you with important disclosure forms required by law. The most significant forms are the Good Faith Estimate and the Truth-In-Lending Disclosure Statement. The Good Faith Estimate form outlines your settlement and closing costs. The loan officer should provide this form to you within three days after you submit your application. The Good Faith Estimate form does not provide the actual closing costs; however, it provides an estimate of the costs you are likely to incur during closing on the mortgage loan. The Truth-In-Lending Disclosure Statement details the total cos...