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