The Loan Process
Here are the 7 Steps in a typical loan.
- Initial conversation with you to learn more about your financing needs. We will learn whether you plan to purchase, refinance to a lower interest rate and/or lower term, or build your new home.
- Pre-qualification. We will review all of your financial information and let you know how much you qualify for. We will go over different scenarios until together we find the plan that best fits your needs without sacrificing your qualify of life.
- Shop, Offer and Contract. Now, you get to go and shop for your new house. Once you have found the house, you make an offer and if accepted, you get into a contract. We will need a copy of the accepted contract to proceed with the loan process. If you are refinancing a current home, we will need initial contract and closing papers to proceed.
- Complete Application Process. Here we will give you all the terms and conditions for the new loan. You will sign our disclosures and we will submit your file for approval.
- Approval. Underwriter will review your file and if any information is missing, will condition us to get those documents before we can close on your file. Typical Conditions include title commitment, and appraisal on subject property.
- Answer Conditions. Once we have all the conditions satisfied, we submit your file back for what we call Clear to Close, basically our authorization to schedule your closing with the title company of your choice.
- Closing and Funding. You will then go to the Title Company and sign the final documents for your loan and we fund your loan. This is when you get the keys to your home or the new interest rate or term you were looking for.
