What to Expect When Applying for a Mortgage
Once you have found a home that fits your needs and the seller has accepted your offer, it’s time to start a mortgage application.
To quickly navigate the application process, gather all documentation for yourself and any other borrower (i.e., spouse, roommate, etc.) applying for the loan. To get a sense of what you’ll need, see our mortgage application checklist.
Remember, the more complete your application is upfront, the faster the entire mortgage application process will go.
What happens after I apply?
- You’ll be contacted by one of our mortgage specialists who will provide details about the loan and interest rate available to you, let you know if any additional documents are needed, and answer any questions you have.
- Within three business days of submitting your application, we'll send you a welcome package that includes legal disclosures, including the Loan Estimate, which you should review carefully.
- After confirming your receipt of the loan package and obtaining your intent to proceed with the transaction, your mortgage specialist will collect the upfront appraisal fee and credit report fee.
- As part of our program, first-time home buyers are required to complete a 30- to 60-minute online course prepared by the FDIC. This presentation is designed to educate you about all costs associated with homeownership and basic financial management. This is only necessary on certain types of loans.
- Once we have the required documents and information, your application will be reviewed and a credit decision will be made.
- BBVA will provide you with a copy of the appraisal report at least three days prior to your loan closing or promptly upon its completion.
- If approved, a closing will be scheduled. At the closing you will sign your loan documents.
- To make sure there are no surprises at closing, our mortgage specialist will contact you a few days before closing to review your final fees, loan amount, interest rate, monthly payment, and first payment date, etc.
What happens during closing?
The closing will take place in the office of a title company or attorney in your area who will act as our agent. If you are purchasing a new home, the seller may also be present at closing to transfer ownership to you, but in some states, these two events can happen separately.
During closing, you will review and sign several loan documents. The most important documents you will sign at closing include the Closing Disclosure, Promissory Note, and Deed of Trust or Mortgage. The closing agent or attorney conducting the closing should be able to answer any questions you have.
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