Pre-Qualification
This is the first step and the most important step. Every borrower is unique, and often their situation can be quite challenging. It takes a good loan officer with years of experience to get a quick grasp of your financial situation and analyze the type of loan that would best fit your needs.
Take the loan application
This is the roadmap for the underwriter, so it is important that the information be clear and accurate. You will need to provide a two year residence and employment history as well as information on your present income, assets and debts.
Process the loan
This is the process of documenting and verifying the information from your loan application form. This is when employment, current assets, current liabilities and credit history are verified by outside sources in order to prove to the underwriter that you are capable of handling the payment on your home. We order the appraisal to establish the fair market value of the home. If required, we order a survey on the property. You may receive calls from one of our loan processors requesting additional information. This is normal. The goal in processing the loan is to be thorough so that the underwriter will have a clear understanding of your financial picture.
Coordinate with all the people in the transaction
We work with the Title Company, the listing Realtor, the selling Realtor, the appraiser, your homeowner's insurance agent and you, the borrower. Your real estate contract has specific dates, which need to be met in order to protect you, the buyer. The most important dates for the lender to follow are the loan application date, the appraisal deadline, the approval date and the closing date. Everyone's cooperation is essential to a smooth transaction. If we do not meet these dates per the contract, then we are not doing our job in representing you, the borrower.
Get your loan approved
The loan officer has the most thorough knowledge of the borrower and acts as an ally in presenting the case. The underwriter's job is to protect the lender and to make sure the borrower does not get into financial trouble.
Once the loan is approved, the underwriter may have some conditions to be met before closing the loan. This may be additional bank statements, verification of closing funds, letters of explanation on credit issues, evidence a previous home has been sold or whatever the underwriter feels is necessary to make the file meet guidelines. Those conditions must be met before your loan can close.
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