Overview of the Loan Process
- Pre-qualification - The pre-qualification process determines how much you qualify for, based on your income and expenses.
- Application - This is the actual qualification process by the Lender, which includes obtaining a credit report, employment and salary verification, rental and/or mortgage history and verification of funds.
- Order of Documents - The Lender orders a preliminary title report and property appraisal.
- Loan Submission - The entire loan package will be put together and submitted to the loan underwriter for final approval.
- Documentation - All supporting documents are gathered. The Lender will correct any problems and also address requests for additional information.
- Loan Approval - All parties are notified that the loan has been approved.
- Drawing of Documents - The loan documents are completed and sent to escrow. An appointment is set for the borrowers to sign the final documents.
- Funding - The Lender reviews the loan package and funds are wired to escrow.
- Recording - The escrow officer records the Deed of Trust at the County Recorders Office. The recording process officially closes the escrow.