The Loan Process
1. Application & Disclosures
The first step is to complete a standard mortgage application which will ask you information about your employment, income, expenses, assets, and general eligibility questions. You will also review and sign standard mortgage disclosures. We help you through this process to make sure you understand your rights.
2. Credit Check
Your credit will be checked after the application in completed. Your credit report will consist of your FICO scores from all three major credit bureaus: Equifax, Experian, and TransUnion.
3. Review Loan Options
We'll present you with multiple loan options based on your goals and what you qualify for. Each option will break down all estimated fees so you have a clear understanding of all the costs.
4. Select Loan Option
Once you select a loan option that works the best for you, we'll begin the loan underwriting process. We'll also collect all of the documents we need such as recent bank statements, pay stubs, tax returns, etc. to begin the loan underwriting process. Title and Escrow will also be opened at this time.
5. Conditional Approval
The wholesale lender we choose will review your loan application and provide a conditional approval. That means your loan is approved subject to loan conditions. These conditions usually include an appraisal to confirm the value of the property, verification of employment, etc. The conditions are unique to each application and loan.
For some refinance loans, an appraisal may be waived. An appraisal is required for all purchase loans.
6. Final Approval
When all of the conditions are met, you will receive a final approval. Once you give the go ahead, we'll order the loan documents you will sign.
7. Loan Signing
We'll schedule the signing either at the Title company, our office, or at your home depending on what is convenient for you. A notary will be present to notarize the loan documents and verify your identity.
8. Loan Funding
For purchase loans, the loan usually funds within 24 hours of signing. For Refinance loans, there is a 3 day grace period where you may change your mind.
9. Loan Recording
In the final step, the loan is recorded with the County clerk.