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The Home Loan Process
Complete the loan application after having an initial conversation with your lender about the loan process, as well as your specific needs, goals, and expectations. The application can be done face-to-face, online or by phone.
CREDIT ORDERED / DISCLOSURES SENT
Once you have provided authorization, your credit will be pulled after the loan application has been received as a first step to creating your unique borrower profile. Disclosure documents that provide different details about the home loan agreement will be sent and must be signed in order for your loan officer to proceed.
Some documentation will be required to validate your application. For example, you may be asked for a driver’s license, tax returns, and W-2 statements for verification purposes. Your lender will then review your overall financial picture, including your debt, income, assets, credit, and employment history in an effort to determine the different programs and rates available based on your borrower profile.
Once you have a home purchase contract, an appraisal of the property will be ordered. We will ask for homeowners insurance at this time, and we must have it for the loan to close.
The loan file is now submitted for underwriting. Underwriting includes analysis of the borrower’s credit and employment history and an examination of the subject property.
Once your file has been reviewed by underwriting you will receive a conditional approval, if you qualify for the loan program. Your conditions specialist will work with you to satisfy the requests and get your final loan approval.*
* Provided for informational purposes only. This is not a commitment to lend. Not all borrowers will qualify.
CLOSED & FUNDED
A “clear to close” will be issued after all requested conditional approval documents have been reviewed and approved by the underwriter. Remember, we must have homeowners insurance before a clear to close can be issued.