Buyer Step 4: What Is Happening With My Loan? What's Next?

Curious to know what's happening with the loan process? Wondering why you're getting so many calls from a lot of people regarding this step in your home buying journey? Watch this video to get an idea of what's going on. Feel free to share this video and the rest of the buying process series with your family or friends.

 

  • Escrow -  The deposit of instruments and/or funds with instructions with a third neutral party to carry out the provisions of an agreement or contract.

  • Processor - Responsible for assembling, administering, and processing your loan application paperwork before it gets approved by the loan underwriter.

  • Originator - A person or institution that helps a prospective borrower get the right mortgage for a real estate transaction.

  • Underwriter - One who looks at the borrower’s financial standing and the value of the property at hand to review the potential of the deal. 

  • Appraisal -  An estimate of the value of property resulting from an analysis of facts about the property. An opinion of value.