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Loan Process
The Loan Process
A Step by Step Guide Step 1 Initial Consultation
- Identify clients overall financial goals and objectives
- Determine loan strategies and options
- Complete a Personalized Mortgage Plan and select best loan option
Step 2 Application and Pre-Approval
- Fill out loan application
- Credit check
- Sign Good Faith Estimate and disclosure forms–Truth In Lending statement sent
- Gather supporting documentation
- Submit to Automated Underwriting System for pre-approval
*Real Estate Purchase Agreement Signed By All Parties*
Step 3 Loan Processing
- Order appraisal and title search
- Obtain copy of Real Estate Purchase Agreement
- Verify employment, assets, etc.
- Lock interest rate and program or choose to float
- Pre-underwrite file and package loan for submission to lender
Step 4 Underwriting
- Underwriter reviews loan for approval
- Loan approval and conditions (if any) received
- Conditions met and loan cleared for loan documents to be drawn
- Financing contingency in Real Estate Purchase Agreement removed
Step 5 Pre-Closing
- Loan documents are drawn and sent to title
- Estimated closing statement and promissory note are reviewed for accuracy
- Title schedules signing
- Homeowners insurance is arranged
- Loan documents are signed
- Down payment funds are deposited with title
Step 6 Closing
- Signed loan documents are returned to lender
- Final loan conditions met
- Lender wires closing funds to title
- Title records the loan and escrow is closed
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