Mortgage Process Step #4
Underwriting has conditionally
approved your loan file!
Underwriting has conditionally approved your loan file!
The “Preapproval” milestone is an important step in the purchase loan process because is means that an underwriter has reviewed your complete file and is giving us a list of final documentation to submit prior to closing.
While we handle most of the steps at this stage of the process, we ask that you keep your financial documents handy in case we need them.
That’s about it! Just remember not to make any major changes to your finances, such as large purchases or new lines of credit.
This is great time to start planning for any utilities and services you may need to set up, as well as the physical move itself. So sit back and relax…we’ve got this part covered and we’ll let you know if we need anything!
Mortgage Loan Process
Step 1: Loan Application & Documentation
Step 2: Review
Step 3: Preapproval
Step 4: Accepted Offer
Step 5: Finalizing Your Application
Step 6: Appraisal
Step 7: Underwriting
Step 8: Clear To Close
Step 9: Wire Funds For Closing
Step 10: Final Closing Disclosure
Step 11: Closing
Please feel free to contact us at any time if you have any questions about your loan status or next steps in the process.
Ready to learn more?
Review the previous step in the mortgage process.
Learn about the next step in the mortgage process.
Check out what your monthly payment could be by using our general Mortgage Payment Calculator…
Our mortgage calculators are for demonstration purposes only and may not reflect actual numbers for your specific mortgage. Contact us and we will walk you through the best possible mortgage scenario for your specific needs!
Principal & Interest (P&I)
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PMI
$
Taxes & HOA
$
Homeowners Insurance
$
Purchase Price
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Down Payment
$
Total Loan Amount
$
PMI
The PMI (Private Mortgage Insurance) is a mortgage lenders' protection in the event of a default. PMI is paid monthly as part of your mortgage payment to the lender. Once a borrower has paid the equivalent of the 20% down payment, PMI can be removed from the monthly mortgage payment.
Estimated Payment
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Loan amount
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Down payment
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Interest rate
Loan term
Taxes & insurance included?
Property tax
Homeowner's insurance
$
Mortgage insurance
$
HOA dues
$
Payment Breakdown
Amortization
Principal vs. Interest
Amortization Schedule Breakdown
Our detailed amortization schedule breaks down your mortgage payments, showing how they are split between interest and principal over the life of your loan.
Note: The actual monthly payment may be higher than what is shown here, as this schedule does not account for variable costs such as property taxes and home insurance, which are often included in your total mortgage payment.
- Principal payments: $$240,000 (the amount borrowed)
- Interest payments: $$297,554 (the cost of borrowing)
