SUMMARY OF THE LOAN PROCESS

Step 1: Purchaser:

• Contacts loan officer for financing information
• Gather information needed for pre-qualification
• Starts looking for a new home

Step 2: Loan Officer:

• Discusses qualifying monthly payments and cash needed for closing
• Explains various loan programs available and interest rates
• Coordinates possible settlement date(s) with borrower
• Guides borrower from pre-qualification to closing

Step 3: Processor:

• Communicates with you on items necessary for your loan approval
• Coordinates with your Homeowner’s Insurance Agent to get your policy
• Prepares your file for underwriting, including verifying credit assets, employment and income

Step 4: Underwriter:

• Works directly with the loan officer and processor to approve your loan
• Requests additional documentation from you to supplement your file
• Renders final approval

Step 5: Closer:

• Assembles closing documents (the package) for your settlement
• Coordinates with loan officer and title company to approve the Closing Disclosure
• Forwards the closing documents and wire to the title company

Step 6:  Closing:

• Takes place at title company’s office, realtor’s office, or lender’s office
• Bring a certified/cashier’s check to closing made out to the title company
• Sign closing documents
• CONGRATULATIONS on your New Home!