• What type of payment do you feel comfortable with?
• How long do you see yourself keeping this property?
• Are you looking to invest a down-payment into this property?

1) - Gathering The Basic Information

    With a basic idea of your needs and goals, the loan consultant will pull and review your credit history with you. At this time, a loan application can be completed and your loan consultant can help you determine the optimal loan amount and type of loan program to best suit your needs. This process is called Pre-qualification. If you are going to be purchasing a home, this is the time which you will place an offer on a home.

2) - Getting A Loan Commitment

Your loan consultant will then submit your loan application with a mortgage lender who specializes in the loan program you previously helped determine. A Pre-approval will follow after your loan consultant has a firm loan commitment issued from the mortgage lender. This approval will be conditional upon the property appraising for a value that supports the loan amount, the title to the property being free of liens, verification of your income, employment, and assets. The process of the mortgage lender reviewing and verifying the information included in you loan application is know as Underwriting. The loan consultant is the one responsible for ordering the appraisal and the preliminary title work.

3) - Loan Underwriting Conditions

Once all of the underwriting conditions are met, your loan will be considered fully approved and the mortgage lender will be ready to draw up closing documents. The closing documents will be sent to the title company who will have an escrow agent then prepare them to be signed by you. The escrow agent will explain all of the closing documents to you as you sign them. The escrow agent is a neutral third-party and it is their responsibility to ensure that all monetary parts of the purchase contract are adhered to and proper credits are applied. This process is known as Settlement.

4) - Funding the Loan

After settlement, the escrow agent will return the signed documents to the mortgage lender where they are to be reviewed. After the mortgage lender is satisfied that all documents have been signed and the underwriting conditions were met, they will wire the money from your mortgage loan to the title company. The mortgage lender will also fax a confirmation to the escrow agent to let them know that the wire has been sent and that the mortgage loan can be recorded with the county and dispersed. This process is known as Funding. Congratulations! You should now receive your keys.

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