THE LOAN PROCESS

Application
Loan application information can be taken in person, on-line, or by phone. You will be providing financial information and discussing finance options with the lender.

Supporting Documents
Following an application, supporting documents including credit reports, income and other mortgage information will be ordered. The lender will evaluate your credit score. Some applications require you to provide W-2 forms, pay stubs, bank statements and tax returns. When you have found the property, the lender will also require an appraisal of the property.

Evaluation
The loan underwriter will evaluate all of your materials as well as the property appraisal and possibly other property documents to determine if you and the property qualify for the loan requested.

Approval
All parties are immediately notified when the loan is approved.

Documents
Loan documents will be delivered o the Title Company for your signatures. You usually sign off on these closing documents at the title company, a few days before the close of escrow date. At closing, the borrower will need to meet all conditions of the lender, providing insurance information and type of ownership information.

Closing
After closing documents are signed at the Title Company, they are returned to the lender, reviewed and then the loan is funded.

Funding
Funds are disbursed to the Title Company or closing agent. The seller is paid, and the title to the home is yours.

Recording
The deed and other appropriate documents are recorded at the county recorder's office. This is when you get the keys!