Loan Process
Buying a home can be a daunting and confusing experience. We do our best to make the process as simple for you as possible.
Application and Pre-Approval
You can apply for your loan online, over the phone or in person at our office. The application process can take anywhere from 5-45 minutes. This is the groundwork for the entire process, so the more information you have, the more streamlined the entire process can be.
After the application is complete, our loan officer will run your credit and find a program that fits your needs. At this point the loan office will contact a lender and work to get you Pre-Approved.
You’ll be able to take the Pre-Approval along with a loan package that can sometimes indicate a tentative rate, a Good Faith Estimate, all of the loan Disclosures, and the initial documentation requirements of the loan.
Processing
This step can take a few weeks, due to all of the people involved, including an Appraiser, the Title Company, and a Surveyor (in some cases). Once we receive the documents from these companies, and the required documents from you; we will package them together and submit them to the underwriting department of the lender.
Underwriting
The underwriter will review the submission and ensure that all of the required documents are present and that it meets the lender’s underwriting guidelines. You may be asked to provide additional documentation at this point to satisfy any guidelines that were not met.
One thing to keep in mind is that each lender is different, and have different requirements for underwriting. If your credit isn’t ideal, then you may be asked to provide more information, due to the added layers of risk that you represent.
Once the underwriting guidelines have been satisfied, the underwriter will give us permission to schedule a closing.
Closing
This is the big day!!! We will work out a good time for you to close the loan. This can be done at the Title company, at home, or any other place that is convenient. This normally takes about 30 to 60 minutes, and you will be reviewing all of the final documentation of your loan. Once this step is complete, your home is set to go.
We will still be available to answer any questions you have, even after close.
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