We realize the home loan process can be overwhelming. Selecting a home loan is a significant
financial decision that can affect your finances for many years to come. It’s a substantial
transaction with many aspects that may be unfamiliar to you. As your Loan Officer, I promise to
listen carefully to your concerns and questions and take all the time necessary to make sure you
are well informed throughout the transaction. My most important goal is to ensure that you are totally
satisfied with our service and that your lending solution meets your financial needs.
To help you understand the loan process I have listed 9 steps below.
You and I review your mortgage options based on your specific financial needs.
You and I will discuss your mortgage goals and determine the appropriate loan program that fits your short- and long-term needs. There are a lot of choices, and it is my goal to help you find the program that you are most comfortable with and to ensure you make an informed decision.
Complete the loan application.
I will take your application via phone, mail, Internet or an in-person meeting. Once the terms and conditions are agreed upon you will sign and date the application and appropriate disclosures, which are forms required by law that provide in-depth details about your loan. I will ask you to provide important documentation, such as pay stubs, W2s, bank statements, etc., at an early point in the process.
Your documentation is collected and reviewed by the Loan Officer and Loan Processor.
This important step allows the Loan Officer and Processor to review the supporting documentation before the loan is submitted to Underwriting. There may be additional information and documentation requested of you during the loan process. We will make every attempt to assure a smooth transaction and your cooperation and proactiveness throughout this process is much appreciated.
The loan is registered with the Lender and disclosures are sent out for signatures.
The initial or preliminary disclosures will reflect the terms discussed during the consultation. ho place to the estimated settlement figures during the loan process (i.e. Rate Lock, Funds to close, etc.). You will receive periodic loan updates throughout the process and will be notified via email, text and phone.
Such updates will include but not limited to:
When we receive your appraisal back from the appraisal company
When we receive the final approval from underwriting
When your loan docs are being sent to the title company
When your loan funds
Appraisal on the home is ordered.
If you are refinancing, the appraiser will call you to set up an appointment to take pictures and measurements of the property. If you are purchasing a new home, the appraiser will use the lock box or contact the listing/selling agent to access the property. The appraiser will photograph operable smoke and carbon monoxide detectors; confirm the water heater is double strapped to prevent it from falling over in an earthquake and many other pertinent aspects of the property.
The loan is submitted to the underwriter for final approval.
Once the loan package is complete with all the pertinent documentation, it is submitted to the underwriter for approval. The underwriter will review your documentation and issue a conditional loan approval. This is a critical step in the process and is where the internal conditions are cleared and what additional documentation is needed from the Borrower.
Title company sets up an appointment to sign documents.
Once the title company receives the loan documentation, they will call you to set up an appointment. At this time, they will give you the FINAL closing figures. The exact amount of money you will be required to bring to closing will not be known until the title company calculates the Settlement Statement. You will need to provide funds from one of the accounts you listed on your initial application that was reviewed by underwriting.
Signed documentation is sent to the Funder.
Once you have signed the closing documentation, the title company will return the documents to the Funding department for review. The loan will go through quality control in which a funder makes sure everything is in the file to make it compliant with state and federal law. If anything is missing, additional disclosures may need to be signed, or additional documentation (updated pay stub, bank statement, etc.) may need to be provided. In this case, the title company or Loan Officer will contact you.
Once the funder determines the loan is compliant, they will wire the money to the title company. Once the title company receives the funds, they will send the deeds to the county recorder’s office to be Recorded. After the loan has recorded, the transaction is complete.