The Loan Process
- Once you’ve located you dream home, your sales agent will send the contract and deposit check to Mortgage Loan Specialists to “open” escrow.
- Meet with one of our loan officers and complete the loan application. Ask any initial question you might have about the loan process, get pre-qualifyed, discuss loan options, providing documentation and sign disclosures.
- Next we reveiw all of your documentation and have a loan processesor begin verification of employment and/or deposit, title reports and escrow instructions. At this time we also order a credit report and appraisal.
- Once the loan officer has compiled all of the documentation, you loan will then be forwarded to the underwriting department for approval.
- Once your loan has been approved, the loan officer will check for any requests made by the underwriter and request additional information as needed.
- Begin discussing current interest rates and lock your loan.
- Once the conditions of the underwriter are satisfied and the loan’s interest rate is locked, your loan officer will order the final documentation.
- An escrow agent will schedule an appointment with you to sign the documents and discuss any exchange of money needed to close your transaction.
- Next you will go to escrow to sign the final loan documents. Bring a cashier’s check for funds due at closing.
Once all of the documents are sign, escrow will return them to the lender. A funding date will be scheduled. Any outstanding conditions will be sent back to the loan officer with the documents.
- Escrow receives funding information from the lender and the trust deed to title is recorded with the county recorder.
- After the escrow officer confirms the purchase is recorded, you will get your keys from your sales agent.
Congratulations! You’re a homeowner!