The Loan Process

Step #1 The Loan Application The borrower provides financial information to a Loan Officer, such as employment information, payment for monthly bills, savings and other liquid assets. A variety of loan programs are presented and one is chosen that best suits the borrower's needs. The Loan officer will provide a detailed analysis of the down payment, closing costs and, mortgage payments Step #2 Loan Approval The borrower's financial information is submitted for loan analysis and approval. A credit report is also ordered at this time. Step #3 Order Appraisal, Tittle and Escrow Your Loan Officer orders the following: An Appraisal to determine market value of the property, a Title report to determine any liens or encumbrances on the property and selects an Escrow company to open escrow and to prepare for closing date. Step #4 Final Approval and Clear to Close When the package is completed, including a finished appraisal and title report, it is sent back to the underwriter for final approval. When the package is complete and all conditions are satisfied the loan is "cleared to close" and a closing date is set.