It’s quite a ride when you first decide to buy a home and make your first VA loan application. Things go by in a flurry with paperwork going back and forth between you and your loan officer. You soon receive a preapproval letter then you and your agent go shopping! It’s an exciting process and sometimes things go by rather quickly. You can make an offer and wait for a response only to be disappointed. You decide to counter and after a few exchanges soon you have a signed sales contract. For the past two or three months it has been a whirlwind with offers and shopping and speaking with your loan officer. But when your sales contract is sent to the lender suddenly you hear…crickets. What happened?
Once you have a signed contract and you’ve provided all your documentation to your loan officer or processor you’ve pretty much done your part. There may be some questions from the lender asking to clarify a few things but now you’re just waiting. It might seem as if nothing is being done with your loan because you were used to speaking with your loan officer nearly every day. But nothing could be further from the truth. As many in the lending industry sometimes say, once your loan is submitted it’s akin to spinning plates.
The lender orders the appraisal, the title report and sets up a closing. Your insurance company is providing coverage with the proper mortgagee clause. Any clouds on title are addressed and removed. A survey or abstract is requested. Before your loan ever gets in front of the underwriter, the individual who issues your final approval, an array of documentation from multiple sources is required and your lender is working to make sure your loan papers are ordered in plenty of time to make your closing.
It might seem like “quiet time” once your loan is submitted but if you could pull back the curtains and watch your lender you’ll notice right away it’s anything but.