THE LOAN PROCESS
Prequalification Interview – Application interview, Lender obtains all pertinent documentation
Order Documents – Credit report, appraisal on property, verifications of employment, mortgage or rent, and funds to close, landlord ratings, preliminary title report
Loan Submission – The loan package is assembled and submitted to the underwriter for approval
Documentation – Supporting documents come in, lender checks on any problems, requests for any additional items are made
Loan Approval – Parties are notified of approval
Documents are drawn – Loan documents are completed & sent to closing attorney, borrowers come in for final signatures
Funding – Lender reviews the loan package, funds are transferred by wire, you get keys!
Recording of Documents – Attorney records the deed of trust at the county recorder’s office, recorded deed is mailed to you with in 60-90 days.