1. Initial Phone Conversation and Interview
- The Buyer signs Loan Application
- The Buyer provides general paperwork
- The Buyer receives list of documentation additionally needed
3. The Lender runs credit report and obtains FICO score from 3 credit reporting agencies.
4. The Lender runs the general information through an Automated Underwriter of the Lenders choice and receives an ?Automated Preliminary Approval? based on the Buyer providing required documentation deemed necessary to obtain the Loan.
5. The Buyer provides their Realtor with a Loan Status form signed by both the Lender and the Buyer indicating that the Buyer has been preliminarily approved based on conditions necessary to complete the loan process.
6. The Buyer Selects the correct loan product based on his particular scenario.
7. The Lender looks for the best mortgage company and interest rate.
8. The Buyer signs a Loan Lock form locking the interest rate for a specific time period.
9. The Buyer works with the Lender to provide information needed to resolve any credit concerns including writing letters and contacting the credit agencies and creditors.
10. The Buyer writes a Purchase Agreement and gets his Offer to Purchase accepted.
11. Escrow is opened with the title agency of choice and the title search is ordered.
12. The Lender verifies if the subject in a PUD Planned Unit Development and / or has a HOA Home Owners Association. The Lender requests the HOA to document all fees to be incurred by the Buyer.
13. The Title Company sends the Lender the preliminary title report which identifies any cloud on the current title and any liens that need to be paid off in order for the title to be placed into the new Buyers name.
14. The Buyer provides the lender the Hazard Insurance information.
15. The Realtor and buyer in for the lender of any Inspections issues that need to be addressed in order to meet the mortgage company guidelines necessary for the home to qualify to have a mortgage placed against it.
17. The Buyer provides any final information regarding his banks, source of money for down payment, rental history, prior mortgages, employment and assets.
18. The Lender receives an Appraisal of Value for the subject property.
19. The Lender receives any inspection information necessary. IE: well, septic, tie downs, survey, appraisal re-inspection.
20. The Lender identifies any Seller concessions within the purchase contract.
21. The Lender submits the loan package to the Underwriter for approval.
22. The Underwriter examines the file for completeness and approves the loan.
23. The loan documents are prepared and then sent to the Title Company.
24. The Title Officer will then identify any requirements that are necessary to complete the loan and prepares a HUD Settlement Statement detailing the funds necessary to finalize the transaction.
25. The Buyer signs the loan documents and the HUD.
26. The Title Company sends all the loan documents back to the lender for review of their completeness.
27. The Lender then funds or sends the money needed for the loan amount to the Title
Company.
28. The Title Company then records the Deed, Deed of Trust and Promissory Note to repay the mortgage.
THE BUYER IS NOW A NEW HOME OWNER!!!
