Loan status and next steps:

Application: It's crucial to supply the lender with as much information as possible, as accurately as possible. All outstanding debts, as well as assets and income should be included.

  • Completed 3/1

Loan Options:  Put yourself in the hands of an experienced mortgage professional, someone who will help you to determine which financing options best suit your needs today and in the future.

  • Completed 3/11

Documentation: Paperwork supporting application requested - pay stubs, tax returns, statements verifying source of down payment, funds to close, and reserves.

  • Please provide by 3/13:
    • 2 most recent paystubs
    • 2015 W2s
    • 2 most recent months bank statements - ALL PAGES EVEN IF BLANK

Underwriter's Review:  Based on the information put together by the loan professional, the underwriter makes the final decision regarding whether a loan is approved.

Pre-Approved!!!!: You now know in advance exactly how much you can afford. Being Pre-Approved also increases your negotiating power since you'll be viewed as a "cash buyer."

Go Find Your Home: Begin shopping for a house. Once you find the right one, the terms of the sale will be negotiated, including the price and potentially the terms of the loan being sought.

Appraisal: Lenders require an appraisal on all home sales. By knowing the true value of the home, the borrower is protected from overpaying.

Title Search: Time when liens against the property are discovered.  All liens must be cleared before a transaction can be completed.

Insurance: Lenders require Homeowners Insurance or “Walls-in” Insurance for condos. Flood insurance also required if the property is located in a flood zone.

Final Approval: In order to receive final approval, lender will review and approve any additional documentation requested, appraisal, and title. 

Clear to Close: Lenders perform a final quality control audit and issue CLEAR TO CLOSE.

Close: Sign closing documents.  Title/deed recorded with county

Fund:  The lender reviews signed documents to ensure all good.  Lender authorizes the disbursement of loan proceeds.