Loan Process
STEP 1 – Complete the online application for loan prequalification.
STEP 2 – Search for your dream home. Once you find a home you will execute a sales contract with the seller.
STEP 3 – Begin the loan process. We will send you loan disclosures to review and sign, along with a list of documents we will need back from you for loan approval. Please supply all the requested documents within 2 days.
After you have sent all the requested documents and signed your initial loan disclosures we can lock a rate. We will not lock an interest rate without your permission or authorization. Once a rate has been locked you will receive an updated disclosure estimate that will confirm your locked rate.
Most customers are locking a rate on a 30 or 45 day window but we have lock windows that are much longer. Typically the interest rate will increase as the lock window increases. Lock extensions are available up to 30 days for an additional cost.
STEP 4 – Loan Processing. After all the requested documents have been provided, we will submit your file for review both by a Processor and by Underwriting. If everything looks good the Underwriter will issue a conditional loan approval. If there are any problems you would be notified that your loan has been suspended.
After all conditions have been met your file would be submitted back to Underwriting for full loan approval.
STEP 5 – Closing. After loan approval, a closing date will be set. The final closing loan documents will be sent to notary/closing title agent. (The lender will be contacting employers of all borrowers to verify employment at the same time of closing.) After the loan documents have been executed, they will be sent back to the lender to verify the full package has been signed by all parties. At this point the lender will authorize the title company to fund your loan. This is when your loan is considered closed and you now own a new home!
