Step by Step Process To Obtaining A Home Loan
I enjoy building lifelong relationships with my clients as I help them navigate one of life’s biggest purchases. I strive to make the loan process clear, comfortable and efficient.
STEP #1 : We Meet
I like to spend our first meeting (virtually or in-person) getting to know each other and understanding your needs.
STEP #2 : Who Does What
I help define the roles of everyone that’s involved in the loan and real estate purchase process.
These professionals would be the Loan Officer, Loan Processor, Real Estate Agent, Mortgage Underwriter, Real Estate Appraiser, Home Inspector and Title Officer.
STEP #3 : Complete Application
I help guide you through the Uniform Residential Loan Application.
This application states the terms of your loan, property information, purpose of the loan, borrower information, employment information, assets and liabilities, summary of the details of the transaction and a declarations section, and providing requested documentation.
STEP #4 : I’m available…Always!
As your Loan Officer, I make myself available to you at all times (yep…even weekends) via email, text, voicemail and cell phone. A good loan officer will keep you informed throughout the loan process.
STEP #5 : Understanding Costs
I will clearly outline all the costs involved in obtaining your loan and where those costs go. By law, you should receive a Good Faith Estimate within 72 hours of submitting a loan application.
STEP #6 : Detailed Loan Estimate
I provide you an accurate, detailed a Loan Estimate. This document states the terms of your loan, interest rate, prepayment penalty – if any (usually not), if your loan is locked, and the total costs of obtaining a loan and who those costs go to.
STEP #7 : Pre-Approval Granted
Once your application is processed by me, the Loan Officer, you will receive a letter of pre-approval if all income, credit and employment requirements are met.
STEP #8 : Submit for Underwriting
As your Loan Officer, I will select a lender and submit your loan to underwriting for analysis and approval. Once your loan is underwritten and any conditions the underwriter requests are provided a final approval will be issued.
STEP #9 : Sign Loan Docs
The final step to homeownership is to sign the final loan documents at closing.
All borrowers, the Loan Officer, Realtor, Title Officer and Notary should be at your signing. It’s important these professionals are present to ensure you understand the documents. They are there to answer any questions that could arise during the final signing.
STEP #10 : Loan Close
On a purchase transaction your loan can close the same day final loan documents are signed, but in most cases the loan will close the following business day.
On a refinance, there is a 3-business day right-of-rescission before your loan can close. Sundays and Holidays do not count in this 3-day period. A refinance will take a few additional days to close vs. a purchase.
STEP #11 : Keep in Touch
As your Loan Officer, I strive for lifelong relationships with all my clients. I am available to you well after the loan transaction is complete to answer any questions that arise at any point in the future.