Need a Nashville mortgage company?
Don't choose one before reviewing the loan process outlined below.

Read these 9 steps...

Step 1. - Complete a loan application with your preferred Nashville mortgage company. That's when you'll begin working with a loan agent. Your loan agent is the intermediary between you, the borrower, and the underwriter. He/she should explain the loan and help simplify the home buying process. The underwriter's job is to make sure everything 'fits' the loan requirements.

Step 2. - Submit your application and all documentation. All lenders and every Nashville mortgage company will require documentation to verify and substantiate your employment, credit and financial situation to make sure you can repay the loan. You'll be asked to supply (among other things) tax returns, recent pay stubs, bank statements and verification of employment.

Step 3. - Expect to wait .It may take a few days to a week to get the initial response from the underwriter. The underwriter will either approve the loan as is or, more likely, ask for additional clarification and/or additional documentation.

Step 4. - You'll probably need to supply additional items. And wait some more. The underwriter may come back to your loan agent several times with various "conditions." But don't worry, the underwriter is simply doing what an an underwriter does. At this point, you'll have "conditional approval" - meaning your loan is approved pending removal of these conditions.

Step 5. - The entire loan process normally takes two to four weeks. It could possibly be longer. That depends on the particular circumstances of the loan. Self-employed people, people with bad credit, or people with unusual circumstances often take longer due to the additional documentation requirements.

Step 6. - After approval, the loan papers go to the title company.The title company (or your attorney) adds additional documents to the file that's been created from the information received from the lender. Once these documents are prepared, the closing date is scheduled.

Step 7. - At "closing" expect to sign a stack of papers. The title company officer or attorney should provide you with a copy of everything you sign. But, it's a good idea to get a copy of everything to review in advance. (Normally within 24 hours of closing)

Step 8. - Understand it's not done as soon as you sign. From the date you sign your papers, it's usually another two or three days until the loan is funded, which is when the money is transferred.

Step 9. - Finally! Your loan will close and be recorded with the county 1-2 days after the loan has been funded. Once recorded, the transaction is complete.