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The mortgage loan process can be broken down into several key steps:

  1. Application: Submit a formal mortgage loan application to the lender. This will involve submitting additional financial documentation, such as bank statements, tax returns, and proof of employment.

  2. Pre-Approval: Before starting your home search, get pre-approved for a mortgage loan. This involves submitting an application and financial documentation to a lender, who will review your credit history, income, and other factors to determine how much you can afford to borrow.

  3. Property Search: Once you have a pre-approval, you can begin your search for a home that meets your needs and budget. It's important to work with a real estate agent who can help you find properties that meet your criteria.

  4. Offer and Contract: When you find a property you want to purchase, you'll make an offer to the seller, which may involve negotiations. Once the offer is accepted, you'll sign a purchase contract, which will outline the terms of the sale.

  5. Underwriting: Once the lender has received your application, they will conduct a thorough review of your financial history and the property you're purchasing. This is called underwriting, and it involves verifying the information you provided in your application and assessing the risk of lending to you.

  6. Appraisal: The lender will also order an appraisal of the property, which will determine its fair market value. This is important because the lender will not loan you more than the appraised value of the property.

  7. Closing: If your loan application is approved and the appraisal is satisfactory, you'll be cleared to close on the loan. This involves signing a series of legal documents and paying closing costs, which can include fees for the appraisal, title search, and other services.

  8. Funding: Once you've signed the closing documents and paid the necessary fees, the lender will fund your loan. This means they'll transfer the funds to the seller's account, and you'll take possession of the property.

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