June 3, 2016

Our Process

Learn what to expect from application to closing.

Application

Our loan process begins with learning about your financing goals and objectives.  

Are you trying to buy your first home with the least money down?  Do you have your eye on a vacation home?  Would you like to consolidate your debts or borrow money for home improvements with a cash out refinance?  Once we know what you want to do, we can find the best options available to you.

Next we’ll review your financial situation.

This will start with a credit check, which will give an overview of your monthly obligations.  We’ll also need your income documentation – tax returns, W2’s, 1099’s, pay stubs, and bank statements.

Underwriting

When all initial paperwork is complete, your loan package is submitted to underwriting.  We will also order the appraisal for your home (or future home).

The most typical response from underwriting is a conditional approval.  A conditional approval means your loan is approved if all of the required conditions are met.  If the appraisal is not completed yet, a satisfactory appraisal will be one of the conditions.  Other conditions may include more documentation from you, or an explanation for something within the loan package.

Once all of the conditions are met, they are submitted to the lender for review.

This step takes another few days.  If everything is acceptable, the lender will start the process of drawing up loan documents.

Closing

The Loan Signing

The escrow company will receive your loan documents and arrange for you to sign them with a notary.  Once documents are signed and returned, and funding conditions are met, your loan can fund.  The title and deed of trust will then be recorded, and the property will be transferred to your name.  Congratulations – your loan has closed!