The Loan Process
Step by Step
While each loan process may vary, my goal is to provide a one-on-one relationship and be your trusted advisor who walks you through the process and keeps you informed and up to date every step of the way.
PRE-APPROVAL
Purchasing? Start here!> Initial conversation about mortgage needs
> Loan application completed
> Borrower provides required documents
> Credit report is pulled and reviewed
LOAN OPTIONS
> Loan options evaluated> Loan option that best fits borrower's needs selected
> Purchase - When a property is identified. Rate can be loked in and initial disclosure sent
> Refinance - Rate can be locked in
> Rate lock confirmed
LOAN PROCESSING
> Employment verification completed> Residential appraisal ordered
> Flood zone verified
> Title work ordered and sent to title company
> Additional disclosures sent to borrower
> Processed file to Underwriting Department
UNDERWRITING
> Borrower evaluated for credit risk> Loan file and residential appraisal reviewed
> Underwriting decision made
> Conditions for closing specific
> Final Loan amount Determined
> File is sent to Closing Department
CLOSING DOCUMENTATION
> Closing Disclosure sent to andacknowledged by borrower
> Homeowners insurance and tax certificate reviewed
> Closing date and time confirmed
> Closing documents prepared and
delivered to title company
> Loan documents and closing costs
review prior to signing
LOAN CLOSING
>Title/escrow company sets up signing appointment with you>You sign the legal documents at the title/escrow appointment
>Lender may request funding conditions
>You send in funding conditions (if any), and wire payment to the title/escrow company
>Lender funds the loan, and title/escrow records the loan next day
