The Five Steps to Funding: Don't worry, we'll be with you every step of the way!
Information about credit, income and debts is collected, then applied to different home loan types (fixed, ARM, etc) to establish a comfortable price range for purchasing a home. Happy hunting!
You’ve found the right house! Mortgage application completed and borrower (you) supplies the required documentation. A Good Faith Estimate and Truth-In-Lending statement itemizing rates and costs for obtaining the loan will be delivered within three days.
Your credit report, debts and payment history are reviewed in depth. If you have less than perfect credit, we may need a written explanation. We’ll also examine the property appraisal and survey, plus check for any potential issues. Once everything is deemed acceptable, the package is sent to the lender for underwriting.
The underwriter determines whether the loan conforms to program guidelines. Sometimes, more information is required and the loan is put into a “suspense status” until you supply further documentation. The loan is then approved or denied. Sometimes, other loan programs will be recommended for your current financial circumstance. Once approved, the underwriter outlines any final conditions for the completion of your loan. When everything is received and accepted, docs are ordered, sent to the title company and a closing time is scheduled.
You’ll be signing documents (over and over again) and paying the closing costs with a cashier’s check or wire transfer. Within 24-48 hours of signing, the lender will “fund” the loan by wire transfer to the escrow company in exchange for the property title, and recorded deed.