The Loan Process
1. PRE-APPROVAL
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Initial meeting with loan officer
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Loan application completed
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Borrower provides income verification items
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Credit report is pulled and reviewed
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Income is calculated
REFINANCING? START HERE.
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Pre-Approval is issued
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Loan application completed
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Borrower provides income verification items
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Credit report is pulled and reviewed
Income calculated
2. ESCROW IS OPENED
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Offer is accepted!
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Initial Disclosures sent to Borrower
REFINANCE
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Borrower agrees to begin refinance
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Initial disclosures sent to borrower
3. LOAN PROCESSING
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Borrower discusses rate lock/float options
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Employment verification completed
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Residential appraisal ordered
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Title work ordered and sent to title company
4. UNDERWRITING
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Borrower evaluated
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Loan file and residential appraisal reviewed
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Underwriting decision made
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Homeowners insurance information for
borrower obtained
5. LOAN APPROVAL
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Underwriter issues conditional approval
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Additional items will be requested to clear the files conditions for closing
6. CLEAR-TO-CLOSE!
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Conditions are cleared
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Underwriting determines that the file is ready
for closing documents -
Closing documents are ordered and sent
to Escrow -
Escrow will coordinate signing with a notary
7. FUNDING
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Loan documentation signed by the borrower
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Required funds are delivered to escrow
company -
Purchase Welcome to your new home!
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Refinance Congrats on your refinance!