The Loan Process: How It WorksHome Mortgage Process

Not a fan of complicated processes? Neither are we. That’s why Waterstone Mortgage is lending simplicity to today’s loan experience.

We know the mortgage application process can seem daunting at first. That’s why we’re committed to reducing stress by demystifying the loan process and offering our assistance and expertise every step of the way. Our process is designed to keep your loan application on schedule for a smooth closing.

As we hit the major milestones in the process, we’ll provide you with clear, timely communication on the status of your loan application. If at any other point in the application process you have questions or concerns, don’t hesitate to contact us. We’re happy to clarify and assist in any way possible.

Our Step-By-Step Home Loan Application Process

  1. Your pre-qualification checklist is completed and all pre-qualification checklist items are collected
  2. Waterstone Mortgage orders your credit report and gathers any additional necessary documents and information
  3. Waterstone Mortgage issues a pre-qualification letter and you begin your home search with a professional Realtor
  4. Your Realtor presents an offer on your behalf for the home you have selected – the offer is accepted and the closing date is set
  5. Your loan originator meets with you and a loan program is selected based on your financial goals and needs and your loan application
  6. Waterstone Mortgage orders the appraisal, title report, and other necessary documents
  7. Waterstone Mortgage submits complete file to underwriter for final loan approval
  8. Final approval is issued. Any final conditions are collected and satisfied
  9. Loan is clear to close and closing documents are sent to the title company
  10. Waterstone Mortgage sends you and your Realtor a copy of the final settlement statement for you to review in advance
  11. Congratulations! You attend the scheduled closing and become the owner of your new home
  12. Waterstone Mortgage stays in touch and helps you with any future financing needs

The process described above is intended as general guidance. All loans are subject to credit approval and loan program guidelines.