If you're planning to buy a home in the U.S., understanding the process helps to make it a smooth process. The more you know about it, the easier it will be.

• Step 1 - Applying for a Mortgage Loan
  The process can begin via phone or in person with a mortgage loan officer that provides the information needed to make informed, smart decisions. Your mortgage loan officer will discuss your financing needs; present product options and explain how different options affect your payments, interest rates, and principal reductions. Also, your loan officer is a local specialist and is familiar with other local specialists. Come to us first for Realtor referrals, title agents or Real Estate Attorneys and Insurance firms.
  After product selection and application, you will be provided with a Good Faith Estimate and other early disclosures that review the costs associated with getting the loan and the loan structure. They will review the mortgage loan approval process and how that might be different from what you are accustomed. Your mortgage loan officer will give you an indication of whether or not you have preliminary approval for the product chosen. You will need to provide information to verify your income, assets, debt and residence history.
• Step 2 - Processing
  After your completed mortgage application is received, an international credit report is obtained to verify your credit rating. You will also be asked for additional documentation. A 3rd party appraisal and title work will be ordered to verify the value of the property and to verify current lien holders on the property. Then, your mortgage loan officer will lock in your interest rate on the mortgage product you chose. This process usually takes 5-10 days.
• Step 3 - Underwriting
  Your loan will be submitted to the underwriting department for approval. Once your loan is approved to close, you will be notified and closing documents will be prepared and sent to the location where the closing will be held.
• Step 4 - Closing
  In the U.S., it is customary for the borrower to attend the closing; however closings may be negotiated by mail or by Power of Attorney (POA). The POA must be approved before closing. The paperwork presented at closing is extensive and legally requires the signature of borrowers. If you're unable to attend the closing, your mortgage loan officer must be notified in advance, as well as your attorney, so they can set up a process for the loan to close without you there. Please understand that closings not conducted in person by the borrower may take additional time to complete. In addition, some state laws require the lender to have completed documentation prior to funding.