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WHAT
TO EXPECT IN THE HOME LOAN PROCESS ?
Your
loan application
First
you need to complete a loan
application. You can also download a loan
package and print it. Once your loan application is faxed or mailed
your loan process begins.
Credit
evaluation
Upon receipt of loan application
online, or via fax along with credit authorizations, we will order a full
3 bureau "Mortgage credit report" with fico scores. A fee of
$18.00 is needed to run this report payable by visa.
Credit
approval
With a loan application
and credit report in hand, your loan officer will get to pre-qualify your
loan or get a full approval. This is a same day process with minimal paperwork.
Rate
lock agreement
If you are locking
a rate, a rate lock agreement is sent to you. You can sign and fax a copy
back to processing for your loan rate lock.
The
appraisal
Usually with a rate lock, an appraisal
is ordered. Let us order the appraisal, we may be able to get a better
value for your home and guarantee an on time delivery.
Local
title company or settlement agent
If you are purchasing a home, we
will contact your Realtor to set up an escrow account. If you are refinancing
a current loan, an escrow account is automatically opened on your behalf.
Loan
processing
As the loan processing moves on,
an individual member of our loan team will be in contact with you to update
your loan status, and request any additional documents.
Loan
closing
Upon underwriting approval and
when all the loan conditions are met, a closing date will be set and loan
documents will be sent to your
local escrow/attorney or a notary will sign off your loan documents in
your home. You do not have to take time off from work.
After the signing of the
documents your loan should be funded
within 72 hours if all the documents and conditions are met. A deed will
be recorded in your name and you will own your own home !
Apply
Now
Loan
Application
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