Loan Process

A Step by Step Guide from Loan Application to Closing

Using our nearly 15 years of experience in the loan business, we have fine-tuned the process to help you get your deal closed as quickly and efficiently as possible. With us along to do most of the heavy lifting, we will walk with you through the loan process one step at a time.

Pre-Approval

Complete your pre-approval application via telephone or online. Review with your Mortgage Consultant and provide the necessary documentation to get fully pre-approved.

Once you are fully pre-approved, congratulations! It’s time to look at homes. We will provide you and your agent the pre-approval letter.

Offer Made

You’ve found the perfect home and have submitted a written offer with your agent. Once your offer has been accepted we will reach out to you to take the next step.

Loan Application

We will schedule a time for you to sign the initial application and disclosures or send them to you via DocuSign, collect updated documents and lock in your interest rate. Then we will package your loan and submit it to the lender for initial underwriting approval.

Home Inspection

Your agent and you will meet with the home inspector at your new home for a thorough examination. When the inspection comes back, you will review the report and negotiate any repairs with the seller.

Appraisal

We will get the appraisal ordered as soon as the home inspection is clear. Once it comes in, we will call you to review the value. We will also send you a copy via email for your records.

Loan Approval

Congratulations! Your loan is approved. We will call you to request any additional items needed to submit for final loan approval.

Closing

Once the final loan approval is received, we will order closing documents and have your agent schedule your closing appointment at the title company.

The title company will then prepare the HUD Settlement Statement to be approved by the lender. We will call you with your exact cash-to-close amount so you can get a cashier’s check to bring to closing.

Then you’ll head over to the title company to sign your closing documents.

Recording

The loan will fund and record one business day after closing. You get the keys from your agent!

The mortgage business has certainly seen a lot of changes over the years and will continue to see more changes in the future. One of the biggest changes we have seen since the 2008 mortgage meltdown is lenders making it harder than it needs to be (in our humble opinion) to get a loan. Prior to 2008, lending was fast and loose with everybody qualifying for a loan. In 2008 the pendulum swung to the opposite end of the spectrum. Lenders are now trying to find the happy medium.

The good news for you is that interest rates are at historically low levels, making it worth jumping through a few more hoops than we had to in times past.

We are committed to doing a great job for you, and will do our absolute best to get your loan closed per the contract date.

Closing loans is a lot like a relay race with us running the last leg. There are several other members on the relay team with us (you, your agent, the listing agent, escrow officer, lender, appraiser, etc.). We will do most of the heavy lifting for you and will always go the extra mile when possible. In order for us to do a great job and run a great race, we are going to need some help from you. We will always be proactive in calling you with exactly what we need you to do. We just ask that you pretty please return our calls and do your best to get us what we need so that we can all run a great race and get you into your new home just as soon as possible.

We do our very best to request all the items needed from you prior to submitting the loan for underwriting approval. We try to balance this out for you and not submit too much information which can cause delays in closing. Inevitably we will need items from you to get our final loan approval.

Please call or email as we can be of service. We are here to help.

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