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Loan Process
The Purchase Process
There are many things that can affect the duration, extent, and requirements of your loan. Your loan originator will walk you through step-by-step, letting you know what's coming next. We also offer our FastAPP, which will alert you of any needed items and signatures, allowing you to send all required documents through your phone. While no two loans are ever the same, here's an idea of what you can expect during each step of the loan process:
1
Get preapproved
Once you have found the lender you want to work with, you should get pre-approved. To do so, complete an application with your lender to determine your loan amount eligibility and which loan product is right for you.
2
Gather all needed documents
The next step in your loan process will be submitting asset and income documentation. Some documentation that is frequently asked for includes bank statements, tax returns, and pay stubs.
3
Find your property
Once you've been pre-approved and the lender has verified your documentation, it’s time to find your home. Now you can shop with confidence, knowing what price point you are pre-approved for and what payment you are comfortable with.
4
Get into contract
You have found your next home, and now it’s time to get a loan tailored to purchase it. Your lender can provide different scenarios for you based on interest rates, loan terms, down payment amounts, and more.
5
Order 3rd party services
Your lender will order third party services such as the appraisal, title and escrow fees, attorney fees, insurance, surveys, etc.
6
Submit file to underwriting
Your loan originator and loan processor will put together a complete and thorough loan packet and submit it to an underwriter. The underwriter will then decision the loan.
7
Satisfy any conditions
Once the underwriter has approved the loan, they might have conditions. This means that your underwriter is satisfied with most of your application, so long as you can meet their pending conditions. They might request explanations or additional documentation.
8
Clear file for closing
After working in coordination with your loan originator and processor, If the underwriter determines that all conditions are satisfied, they will issue the clear to close. This means you have an approval.
9
Congratulations!
It’s time to sign loan documents and send in any remaining cash to close. Once the lender has received the complete loan docs, they will fund your loan. The deed will record in your name, and it is now your home!
The Refinance Process
The refinance loan process is very similar to the purchasing process. That said, there are some obvious differences. You have already identified the property, and although time is still of the essence, the timelines are not as rigid as when you purchased. There are many things that can affect the duration, extent, and requirements of your loan. Your loan originator will walk you through step-by-step, letting you know what's coming next. While no two loans are ever the same, here's an idea of what you can expect during each step of the refinance process:
1
Contact your loan officer
The first step to determining if a refinance is a good option for you is to contact your originator. They can guide you on what your options are and how to apply.
2
Gather all needed documents
The next step in your loan process will be submitting asset and income documentation. Some documentation that is frequently asked for includes bank statements, tax returns, and pay stubs.
3
Get a home appraisal
The appraisal is a crucial component to your refinance. The loan-to-value ratio will be determined by the appraised value versus the existing loan amount and/or the desired loan amount. The value determined by the appraisal will influence your refinance options.
4
Submit file to underwriting
Your loan originator and loan processor will put together a complete and thorough loan packet and submit it to an underwriter. The underwriter will then decision the loan.
5
Satisfy any conditions
Once the underwriter has approved the loan, they might have conditions. This means that your underwriter is satisfied with most of your application, so long as you can meet their pending conditions. They might request explanations or additional documentation.
6
Clear file for closing
After working in coordination with your loan originator and processor, If the underwriter determines that all conditions are satisfied, they will issue the clear to close. This means you have an approval.
7
Congratulations!
It’s time to sign loan documents. Once the lender has received the complete loan docs, they will fund your new loan.
