The Home Loan Process

The Home Loan Process

  • Application

    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 online or by phone.

  • Credit Ordered / Disclosures Sent

    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.

  • Documentation Collected

    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.

  • Appraisal Ordered

    Once you are under 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.

  • Underwriting

    The loan file is now submitted for underwriting. Underwriting includes analysis of the borrower’s credit and employment history and and an examination of the subject property.

  • Approval

    Once your file has been reviewed by underwriting you will receive a conditional approval. Your conditions specialist will work with you to satisfy the requests and get your final loan approval.

  • Clear to Close

    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.

  • Closed & Funded

    A closing disclosure (CD) will be sent no later than three days prior to your closing date and must be signed by the borrower(s). The closing date and time will be scheduled and the loan will be funded after the necessary paperwork has been signed.