Summary of the Loan Process

STAGE 1: PRE-QUALIFICATION

• Buyer contacts loan officer for financing information
• Loan Officer performs a thorough assessment of buyer’s financial picture
• Buyer starts looking for new home

STAGE 2: LOAN PREPARATION

• With that aid of the Loan Officer, the buyer completes the loan application and provides missing documentation
• Buyer makes offer on selected home

STAGE 3: PROCESSING

• Processor orders appraisal, title work and other services
• Processor evaluates the loan file and requests any missing items
• Processor creates a loan submission package and sends to underwriting

STAGE 4: UNDERWRITING

• Underwriter evaluates the credit, income and assets documentation to determine if the file meets the guidelines
• Underwriter requests additional documentation from processing, if necessary
• Underwriter renders final approval

STAGE 5: PRE-CLOSING

• Closing date and time is scheduled by the settlement agent
• Buyer receives initial closing disclosure outlining loan details and closing costs
• Closer prepares closing package and send to settlement agent

STAGE 6: CLOSING

• Settlement Agent explains all closing documents to the buyer
• Buyer signs all necessary documents to complete the closing
• Closing funds are paid via cashier’s check, draft or wire
• Deed transfers title to the buyer, congratulations on your new home!