LoanGals.net

The Loan Process

Prequalification

This is the beginning of the entire process. You will sit down with your mortgage planner, either over the phone or in person. We will take a brief application to outline you as a borrower. We will also figure out what exactly you need to do so that we can meet your long and short term goals.

Documentation

Once we know what type of loan you are looking for and what loan amount you qualify for, we will give you a list of items that we will need to process your loan. This could be as little as a signature or as much as a full needs list.

Consultation

Once we have received all documentation from you, we will sit down together again to make sure that all of the numbers are right; Both for you, and for the loan. This will give us another chance to review your goals and to make sure that the loan we have chosen is the right one for you.

Appraisal

Now that we are all set on the financial end of the process, we can order the appraisal. This is when a certified appraiser visits your home and puts together a detailed report on the value of your home. The lender requires an appraisal to make sure this is a safe investment for all involved.

Loan Approval

After we have a complete file, we pass it directly on to the underwriter. The underwriter is a person selected by the lender to review the file and make sure that all guidelines have been met. They are the folks who cross the “T”s and dot the “I”s. From time to time, the underwriter may ask for some additional documentation which we pass on in a timely manner. Once all needs have been met, we receive an “Approval”! You’re almost done!!

Closing

Upon receiving the loan approval we draw up the loan documents for you to sign at the title company. This is also when we get the final number and know exactly how much, if any money you may have to bring to close. We then set a time for you and the seller to sign. Once docs are signed, the title company sends them back to the lender. We review the loan docs to make sure that nothing was missed. That is the last thing that we do before we fund the loan. Once the loan funds, title sends the deed down to the county office to have it recorded. Once that deed is recorded, the sale/refinance is done and you get your keys/new loan!