1. Complete the loan application.

This is the most important step. My team of professional mortgage lenders will assist in make the process as smooth and stress free as possible. The information can be gathered in person or over the phone. Now is the time to disclose all material financial data, and discuss financing options available. The quality of this meeting is essential to a smooth loan approval. An application fee may be required by the lender to cover credit reports and appraisal fees.

2. Order supporting documentation

Immediately following the application, supporting documentation is ordered. This includes credit reports, verifications of deposits, income, and mortgages. Certain other documents will be requested: W-2’s, pay stubs, bank statements, etc. The lending institution requests an appraisal of the home, a credit report and verification of employment and assets, such as bank accounts. While awaiting the return of the verifications, both Realtor and borrower will receive weekly progress updates.

3. Loan cost estimate

The lender will provide a booklet containing specific loan information and a good faith estimate of closing and related costs. An estimate of your loan costs, in the form of an Initial Truth in Lending Disclosure Statement (Reg Z), is issued.

4. Lender evaluation

The lender evaluates the application, along with supporting documentation.

5. Loan approval

Time to start packing! The loan is approved. All parties are notified. Any further conditions required by the lender are handled at this time.

6. Loan documents

The lender will draw loan documents and send them to the escrow company for final signatures.

7. Closing

You will be called by the escrow officer to sign closing documents 24-48 hours prior to closing. The signed documents are returned to the lender. After review, the loan is funded (funds sent from the lender to the escrow company).

8. Funding

The lender disburses the funds to the settlement or closing agent. The seller is paid.

9. Recording

Appropriate documents are recorded at the county recorder’s office, and title to the home is yours. Congratulations, pop the cork, the keys to your new home are yours.