Loan Approval Process: Next Steps
Loan approval process: Next steps
Get a clear picture of what happens after you submit your mortgage application.
[MUSIC PLAYING] INTERVIEWER: To buy your new home, you've done your financial planning, consulted with a BB&T mortgage loan professional, and successfully completed your mortgage process. But what happens next?
BB&T recognizes all state and federal mortgage regulations during the mortgage approval process, ensuring all borrowers are treated consistently and fairly. Working with BB&T guarantees a safe, fair, and transparent loan approval process. Early in the mortgage process, we'll provide your personal mortgage disclosures. The loan estimate provides an estimate of the fees you'll owe at the loan closing. Actual final closing fees will vary, but the loan estimate helps with planning. You must review all disclosures and give us your intent to proceed with the mortgage process.
Next, our team conducts some basic financial fact checking, such as financial and employment verification. We collect documentation related to your employment, such W2s, pay stubs, and bank statements to verify your income and employment history. Depending on your financial history, we may ask for investment and asset information and financial obligations, such as child support, alimony, or other scheduled payments.
From your financial history, the process moves to determining your financial standing. We schedule a property appraisal, and the appraiser sends the results to your processor. At this stage, your processor reviews your appraisal, debt to income ratio, credit history, assets, and employment information.
Lastly, the loan application is sent to an underwriter for final verification and evaluation. After loan approval, a closing package is prepared and sent to your settlement agent, who will perform a title search of the property to ensure you will have a clean title. You'll schedule an appointment with your settlement agent to close your loan. Three days before closing, you'll receive your final documents, called the closing disclosures. Then, on closing day, you meet with the settlement agent to sign documents and settle any remaining financial obligations.
Don't forget, throughout the process, your personal BB&T mortgage loan professional is with you every step of the way and is available to you by email, phone, and in person. At BB&T, we provide a positive home buying experience with easy-to-follow instructions and clear communication to put you on the path to home ownership. Visit BBT.com/mortgage to get started.
Loans, lines of credit and credit cards are subject to credit approval. Offer may not be combined with any other offer or campaign.
All BB&T mortgage professionals are registered on the Nationwide Mortgage Licensing System & Registry (NMLS), which promotes uniformity and transparency throughout the residential real estate industry. Search the NMLS Registry.
Consumer Handbook on Adjustable-Rate Mortgages coming soon.
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New York City residents: Translation or other language access services may be available. When calling our office regarding collection activity, if you speak a language other than English and need verbal translation services, be sure to inform the representative. A description and translation of commonly-used debt collection terms is available in multiple languages at www.nyc.gov/dca.
Branch Banking and Trust Company is now Truist Bank. Learn more.
BB&T and SunTrust have merged to become Truist. Both institutions will continue to offer independent product lines for a period of time. This may include differing underwriting guidelines, product features, terms, fees and pricing. Our friendly teammates at your local SunTrust branches will be happy to walk you through their respective products. You can also learn more by contacting them at 800-SUNTRUST or SunTrust.com.