Understanding the Loan Process
When it comes to the loan process may people feel overwhelmed. But with a team like Deb & Drew, and the mortgage professionals that we work with, you will know that your dream home is well within your reach.
Let's see what Team Deb & Drew has to say about the loan process.
Understanding the Loan Process
Step 1: Loan Application
This step occurs prior to house hunting with your REALTOR®.
- Loan officer meets with applicants in person, via phone, or online
- Loan officer orders credit report, pre-approves, and send required disclosures
- Customized loan products that meet the applicants individual needs are presented
- Loan officer maintains communication throughout the loan process
Step 2: Loan Set Up
At this point you should have a home under contract.
- Loan officer orders the residential appraisal
- Loan officer sends verification to applicable entities
- Title company
- Lender - Loan Processor
- REALTORS®
Step 3: Loan Processing
The appraisal should be completed now.
- The processor is your contact during all processing and compiling of information for final loan submission
- Be sure to email all requested information for loan processing to your processor in a timely manner
Step 4: Underwriting
This is the in-depth look at all aspects of the loan.
- Full evaluation of credit and property in determining the adherence to agency guidelines
- This step is why it is so critical to follow the do's and don'ts of loan approval
Step 5: Closing
Now you are ready to be a homeowner!
- The lender will send prepared instructions to the title company
- The title company will prepare and provide final closing figures
- The loan officer will then call you and help you understand the final numbers
If you are looking for help in buying your first home, or second, or third... The don't hesitate to call Deb & Drew. We are experts in this field and want to ensure that you are successful in your real estate endeavors!
A special 'Thank You' to Rick McClure of Supreme Lending for helping with this article.
