The Loan Process!

Getting the loan is usually the process that takes the longest to complete and it is essential to start the process immediately. 
 
1. Prequalification/Interview:

• Application interview
• Lender obtains all pertinent documentation

2. Order Documents:

• Credit reports
• Appraisal of property
• Verifications of employment
• Mortgage or rent
• Funds needed to close
• Landlord ratings
• Preliminary title report

 3. Loan Submission:

• The loan package is assembled and submitted to the underwriter for approval

4. Documentation:

• Supporting documents come in
• Lender checks on any problems
• Requests for any additional items are made

5. Loan Approval:

• Parties are notified of approval and prior to documentation condition

6. Documents are Drawn:

• Loan documents are completed and sent to escrow
• Borrowers come in for final signatures

7. Funding:

• Lender receives the loan package
• Funds are transferred by wire

8. Recording of Documents:

• Title company records the deed of trust at the county recorder´s office
• Escrow is now officially closed

Want more information? Call us at (858) 472-3888 or Contact Us Here.