STEP 1: PRE-APPROVAL • Credit, Income and Assets are analyzed for automated pre- approval via Desktop Underwriter or the lender’s manual underwriting guidelines. After a pre-approved decision is reached, the borrower will receive a Pre-Approval Letter in order to start shopping for a home to buy. In the case of a refinance, a Pre-Approval Letter is not issued. The loan package is built for full approval and the appraisal is ordered.
STEP 2: UNDER CONTRACT TO BUY A HOME • Within 1 day of receiving the complete purchase agreement, signed by all parties the initial loan application and disclosures are created for signature. A loan estimate is created with the actual fees based on the chosen closing attorney and property taxes based on the property location.
STEP 3: ORDER APPRAISAL • The appraisal is ordered through a lender approved Appraisal Management Company.
STEP 4: SUBMIT LOAN • After the initial loan application and disclosures are signed and income and asset documents are updated, the application package is then submitted to the lender for full underwriter review and approval.
STEP 5: SUBMIT CONDITIONS • The file will come out of underwriting with an underwriting decision. I will work together with you to gather all of the additional items the underwriter asks for in order to final approve the loan and close.
STEP 6: CLOSING • After all of the required conditions are collected, reviewed and cleared by the underwriter, the file is then final approved and prepared for closing. A final Closing Disclosure is prepared and issued to you at least 3 days prior to the closing date. The Closing Disclosure are the final settlement fees of the loan to include any funds needed to close.