Unless you are paying cash for your property, you will need to apply for a mortgage loan. Your lender can explain current financing options and help you select the right type of loan for your situation.
- Application interview
- Lender obtains all pertinent documents to avoid delays
- The lender opens the transaction with the Title Company
Within 24 hours of the application, the lender will request:
- Credit report, appraisal of property, verification of employment, mortgage or landlord ratings, funds to close
- Preliminary Report and a Preliminary Good Faith Estimate of your Costs and loan details from the Title Company
- Picture ID, W2s (2 years), a Certificate of Eligibility, DD214 (VA only), and any other necessary supporting documentation.
Loan package is assembled by the Loan Officer and submitted to the underwriter for approval
- Generally takes 24-72 hours
- Parties are notified of approval and conditions to the loan
Within 1-3 days after loan approval
- Loan documents are completed and sent to the Title Company
- Borrower is notified of how much money is necessary to close the loan
- Borrower will come to the Title Company to sign all final documents
- Lender reviews the loan package
- Funds are wired to the Title Company
- The Title Company records the Deed of Trust at the county Recorder’s Office
- Securing the lien against the property
- Funds are disbursed to the appropriate parties
- Escrow is officially closed