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1.
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You will meet with your loan officer and provide the information asked for on the Application Checklist. |
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2.
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The Lender will begin processing your application by verifying in writing your job, income, debts, assets and any additional information. A Mortgage Credit Report is ordered to verify your credit information and obtain current balance information. |
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3.
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An appraisal is ordered to assess the value of the home. |
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4.
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After receipt of the information in the above steps, the Lender will do a final underwriting and provide a preliminary approval or final denial. This step is normally completed within two business days. |
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5.
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The lender will notify you and your sales associate of the answer as soon as possible. |
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6.
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A commitment for title insurance or update of the abstract and title opinion is ordered. |
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7.
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Upon receipt of satisfactory title work, a closing date will be scheduled with all parties, and a proposed settlement statement will be supplied. |
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8.
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You, the buyer, will need to arrange to purchase homeowner’s insurance for a term of one year. You should contact the lender with the premium amount at least one week prior to closing. |
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You will need to bring a check for the down payment and closing costs to the closing. In addition, you should have with you a homeowner’s insurance policy and a receipt for payment of one year’s coverage. |
| 10. |
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The closing agent will have you sign all proper documentation for transfer of the title to the property and your loan documents. Copies of the documents will be provided to you. Closing the transaction takes approximately one hour. |
