APPLICATION PROCESS
We will handle your transaction with care, secure and confidentiality.
Step 1: Application
Your loan process should go smoothly if you complete your loan application properly and provivde all necessary documentation to your loan consultant at the time of application.
Step 2: Ordering Documentation
Your loan consultant will order the necessary documentation for the loan as soon as it is received. Any verifications will be mailed, the credit report and appraisal will be ordered. You will also receive a Good Faith Estimate of your costs and details of your loan.
Step 3: Awaiting Documentation
Within approximately two weeks, all necessary documents should be received from your loan consultants. Each time is reviewed carefully in case additional items may be needed from you to resolve any questions or problems.
Step 4: Loan Submission
Submitting your loan is critical part of the process. All of the necessary documentation will be sent to the underwriter, along with your credit report and appraisal.
Step 5: Loan Approval
Loan approval may be obtained in stages. Usually within one to three days, your loan consultant should have pre-approval. If the loan requires mortgage insurance, or if an investor needs to review the file, final approval could take additional time. When ALL of the necessary documents (or conditions) are reviewed and satified by the underwriter, you have the final loan approval.
Step 6: Lock Your Rate
You can lock your rate before or after starting your application. Read Target Your Rate. However, the longer the holding locking date the higher your rate will be. In order to save your rate you should start your loan application as early as possilble. It is not bad idea to lock the rate after your loan is already pre-approved or final approved. However during the fast increasing market rate, locking the rate early at the low point is considerable. Since locking rate is the most important decision and essential factor to your loan, always consult with our experienced loan consultants before locking your rate.
Step 7: Lender Preparation of Documents
As soon as the loan is approved and all requirements of the lender have been met, the loan documents will be prepared. These documents will be sent to the escrow officer, and you will be asked to sign the documents. We may require an impound account for tax installment payments, depending on the type of loan.
Step 8: Funding
Once you have signed the documents and they have been returned to the lender, the lender will review them and make sure that all conditions have been met and all of the documents have been signed correctly. When this is completed, we will “fund” your loan. (”Fund” means that the lender will give the title company the money by wire).
Step 9: Recordation
When the loan has been funded, the title company will record the Deed of Trust with the county in which the property is located (usually by the next day). Upon receipt of confirmation of the deed being recorded, title or escrow will then disburse monies to the appropriate parties. At this time, your loan is considered complete, and the "escrow closed".