The Four Steps to the Home Loan Process Explained

In this video, Mark Feder, a Mortgage Advisor with Samuel Scott Financial Group, explains the process for getting a home loan, breaking it down into four easy steps.  They are:

  1. Loan Application
  2. Processing
  3. Underwriting
  4. Closing / Funding

The first step of getting a home loan funded is the Loan Application process.  During this phase, your Mortgage Advisor is collecting information from the buyer to (1) look at the borrower’s ability to repay, (2) identify how much they will be able to put down, and (3) the borrower’s repayment history.  The home buyer will need to provide the advisor with income information (W-2’s, 1099s) to determine just how much the borrower will be able to afford, as well as determine their ability to repay.

The Mortgage Advisor will then review their assets (money in the bank, IRA, 401K etc.) to identify potential down payment sources.  In addition, a credit report is used to look at the borrower’s repayment history (do they pay on time, do they have too much debt, etc.)  This part of the loan funding process is typically the longest, and the home buyers will speak to their Mortgage Advisors a lot during this time period.

Once all of the documents are collected, the loan application will be sent to processing, which is the second step of the home loan process.   At Samuel Scott Financial Group, the loan-processing department is actually located in-house, making it convenient and reducing time delays.  The loan-processing department is very experienced, and will review all of the information and run an automated approval.  They will come up with a needs list of information that will be required in order to obtain a successful loan approval.

The third step in the process is the Underwriting.  The borrowers information that was collected during processing is sent to the underwriting department, who will again take a look at everything and evaluate the overall risks.  In addition, the underwriter will look at whether or not the loan meets all of the required guidelines for the specific type of loan being applied for.  The underwriter speaks directly to the processor and they work together to make sure all items are received and enclosed in the file.  This process generally takes between 2-5 business days to complete.

After completing the underwriting phase, the loan will then enter the fourth and final step of the process, Closing or Funding.  During this stage, the loan documents will be created, discussed and signed by the buyer in front of a notary.  After the documents are reviewed by the funding department, the home buyer receives the keys to their new home.

At Samuel Scott, our Mortgage Advisors are trained to guide borrowers and their real estate agent through the entire transaction.   We believe in excellent communication and keeping our clients informed as their home loan process moves along.   You’ll find that when you work with true and experienced professionals, the home loan process is smooth and pleasant.

For a residential loan that is tailored to your needs, give us a call.  We would love the opportunity to earn your business.


Carmel Valley San Diego Community | Samuel Scott Financial Group | Mark Feder

Mark began his career in the mortgage industry in 1995 in Hollywood, Florida. Before joining Samuel Scott in 2012 Mark was a part of several real estate and financial companies, including Countrywide Financial, Archon Group, 2020 Mortgage, and Preferred Mortgage Solutions.

Mark describes his role within Samuel Scott as working hard to advise and assist borrowers in obtaining their home loans. He works to achieve this through his thoroughness in the loan process and through his honest in dealings with clients. His personal goal in the business is to provide opportunities to potential homeowners and, in the process, to develop professionally as well.

Aside from being the proud father of a baby boy, Mark’s proudest accomplishment was owning his own mortgage company, which over the course of 5 years funded $865 million in loans.

Mark attended the University of Southern California where he studied Business with an emphasis in Finance.

Samuel Scott Financial Group is a boutique mortgage company recognized for superior customer satisfaction and the way they tailor the residential loan process to every individual client.  Todd “Samuel” Pianin and Brian “Scott” Reynolds founded the company on the principles of long lasting relationships, and a sincere honest approach to every single individual we serve.  Consistent and reliable, Samuel Scott Financial Group has been selected as The

Carmel Valley San Diego Community | Samuel Scott Financial GroupBest Mortgage Company in San Diego for the 5th straight year by readers of local publications.

President:  Todd Pianin

Vice President of Sales:  Russ Schreier

Mortgage Advisors:  Christian Alvarez,  Dean Brown, Mark Buchanan, Mitch Palmer, Brian Reynolds, Debra Roberts, Mark Robertson, Alex Scoma, Brian Shaw, Keith Sims, David Talbott.

Carmel Valley San Diego Community | Equal housing Lender | Samuel Scott Financial Group


Samuel Scott Financial Group is licensed by the CA Dept. of Real Estate license #01458652 and NMLS identifier 235584. ©2011 Samuel Scott Financial Group. All rights reserved.


Carmel Valley San Diego Community | RIDE Cyclery Encinitas

2 Responses to The Four Steps to the Home Loan Process Explained

  1. Pingback: Mortgage Advisor 92130 – Home Loan Process Explained | The … | Mortgage

  2. It is certainly important that homebuyers understand how the home loan process works and get prepared. Knowing what to expect as well as working with the right mortgage advisor can help smoothen your home-buying experience.

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