In order to complete a mortgage application, you will need a signed P&S. You will bring the P&S to your loan officer and at that time, you will complete the mortgage application. If the loan officer completes the application for you, review it for accuracy. The loan officer does not make the final decision. The completed application, along with the P&S, tax forms, and bank statements will go to the bank’s underwriter. The underwriter will request an appraisal of the property to determine if it is worth what you are offering to pay.
After carefully reviewing your application, credit report, and the property appraisal, the underwriter will approve or deny your mortgage. Many times the loan will be approved with special conditions that must be met before you could close on the mortgage.