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 how the mortgage process works 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 Originator will walk you step-by-step through the process and the necessary paperwork.
Step 1: Pre-Qualify
Know where you stand before you begin to look for property. Talk to a BancorpSouth Mortgage lender to begin the process of securing a loan approval. Know your credit score, complete a loan application, and submit your financial documentation to get an accurate assessment for the amount you qualify. This will save you time as well as provide peace of mind.
Step 2: Documentation Submittal
Refer to the application checklist for documentation needed pertinent to your buyer profile and specific loan. The timely receipt of your documents ensures an on-time closing.
Step 3: Review and Signing of Loan Application and Disclosure Package
These documents provide the details of your loan and related disclosures which can be delivered through email or in person.
Step 4: Appraisal Ordered
This can be an upfront cost to you as the buyer and 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: Commitment of Title Ordered
We will contact the Title Agency noted in your purchase contract to obtain Commitment of Title.
Step 6: Homeowner's Insurance Secured
Supply the insurance agent's name and contact information, a requirement prior to submission to underwriting.
Step 7: File Submitted 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.
Step 8: Review and Comply with all Existing Underwriting Conditions
Upon initial review, the underwriter may request additional documentation such as additional bank statements, paystubs, or more to satisfy additional lender requirements to complete the file and make it ready for final loan approval.
Step 9: Approval Received/Closing Package Sent 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 we have the final figures on the real estate transaction and the certified funds needed to bring to the signing appointment from your attorney, we will reach out to you.
Step 10: Review of the Settlement Statement
Upon approval, we will move forward to closing.