OVERVIEW OF THE LOAN PROCESS
Pre-Qualification/Interview
Application interview and lender obtains all pertinent documentation.
ORDER DOCUMENTS
Order credit report, appraisal on the subject property, verifications of employment, mortgage and/or rental rating from landlord, funds to close and commitment of title insurance.
DOCUMENTATION
All supporting documents are gathered. Lender checks on any problems. Requests for any additional items are made.
LOAN SUBMISSION
The entire loan package is assembled and submitted to the underwriter for approval.
LOAN APPROVAL
Parties are notified of the loan approval and conditions.
DOCUMENTS ARE DRAWN
Loan documents are prepared and sent to the title company. Borrowers will go to the title company to sign the loan papers.
FUNDING
Lender reviews the loan package. Funds are wired to the title company.
RECORDING
Title company will record the deed of trust and then disperse funds.
