Mortgage Lending Process
What happens now? What comes next? What do we need to be doing? We know you have questions, and we are here to help. Let us walk you through the mortgage process and what you can expect each step of the way.
The Lending Process
The mortgage lending process should not be difficult. Be assured that once you decide which mortgage is right for you, your loan officer will walk you step-by-step through the process and the necessary paperwork.
Step 1: Pre-Qualify
Know where you stand financially before you begin to look for property. Talk to a BancorpSouth Mortgage lender to begin the process of securing loan approval. Know your credit score, complete a loan application and submit your financial documentation to get an accurate assessment of the amount for which you qualify. This will save you time as well as provide peace of mind.
Step 2: Submit Documentation
For documentation needed that is relevant to your buyer profile and specific loan, refer to the application checklist. The timely receipt of your documents ensures an on-time closing.
Step 3: Review and Sign Loan Application and Receive Disclosure Package
These documents provide the details of your loan and related disclosures and can be delivered to you via email or in person.
Step 4: Order Appraisal
As the buyer, this can be an upfront cost to you. A credit will be given in an equal amount towards your bottom line cash-to-close. You are entitled to a copy of your appraisal.
Step 5: Order Commitment of Title
Your loan officer will contact the Title Agency noted in your purchase contract to obtain your Commitment of Title.
Step 6: Secure Homeowner's Insurance
You will supply your loan officer with your insurance agent's name and contact information, which is a requirement prior to submission to underwriting.
Step 7: Submit File to Underwriting for Review
Take comfort in knowing the review process is something we take pride in at BancorpSouth Mortgage. Because we are local lenders and complete our loans entirely in-house, on-time closings are the rule, not the exception. Your loan officer will take care of this step for you.
Step 8: Review and Comply with all Existing Underwriting Conditions
Upon initial review, the underwriter may request additional documentation such as bank statements, paystubs and more to satisfy additional lender requirements, which may be needed to complete the file and make it ready for final loan approval.
Step 9: Receive Approval/Send Closing Package to the Closing Attorney
Our internal closing department will email the closing documents to your attorney, who will draft the final HUD1/Settlement Statement. Once your loan officer has the final figures on the real estate transaction and the certified funds needed to bring to the signing appointment from your attorney, your loan officer will reach out to you.
Step 10: Review of the Settlement Statement
Upon approval, your loan officer will move forward to closing.