PROCESS
Here you’ll find more information about how this whole process works. If you have any doubts or need further details, feel free to give us a call below!
Step 01. Pre-qualification
In this essential step, we review your specific financial profile to determine how much money you can borrow and match you to the best possible programs available.
Before you begin searching for a home, you need to know how much you can afford. Taking the time to do a simple pre-qualification will help you refine your search of properties within your range. To achieve this, we must review your income, credit, assets, and liabilities.
Step 02. Application
After pre-qualification, and finding a potential property and are ready to submit a complete file for underwriting review, the underwriting review will determine if the loan is approved or denied. In this step, you will receive an estimate of the costs associated with your loan.
Step 03. Loan Processing
A) An underwriter will study your loan file. The information you provided will be reviewed, and an appraisal will be requested to determine the value of the property. Once approved, a conditional loan approval will be issued.
C) Some of the standard things’ underwriters will verify are: Income/Employment, Credit Check, Asset Evaluation, Appraisal, Source of funds used for down payment and closing costs, Title Work.
C) Some of the standard things’ underwriters will verify are: Income/Employment, Credit Check, Asset Evaluation, Appraisal, Source of funds used for down payment and closing costs, Title Work.
D) Loan terms, and guidelines will vary depending on the specific program you applied for.
Step 04. Closing
All conditions have been cleared, and the underwriter has given the file a clear to close. This is the step where the title company and the closing department will balance the figures to produce a Final Closing Disclosure. You are ready to sign your loan documents!
