December 7th, 2010 7:42 AM

1.  The Application:  The key to the loan process going smoothly is the initial interview.  Your loan officer will take all pertinent information regarding income, assets and liabilities and run a credit report.  He will review the information to ensure any issues or problems are addressed up front.

 

2.  Requesting Documentation:  Your lender will request verification of your employment as well as copies of your tax returns, W2s, pay stubs, and any other necessary supporting documentation.

 

3.  Loan Submission:  When all of the documentation is in, your processor will put the package together and submit it to the underwriter for approval.

 

4.  Loan Approval:  Once the underwriter reviews the package, and if everything appears to be in order, approval is received within 48 to 72 hours.

 

5.  Documents are Drawn:  Once the underwriter approves the loan, the loan documents including the note and deed of trust, are sent to the title company for signature.  Your title officer will schedule an appointment for you to come in and sign all the documents.  At this time you will be informed as to how much money you will need to bring in to close the escrow.

 

6.  Funding:  Once you have signed the loan documents at the title company, the documents will be returned to your lender who will review the signed package.  If all the forms have been properly executed, the funds for your home purchase will be transferred by wire to the title company to complete the purchase. 

 

7.  Recording:  When the title company received the funds from your lender, your title officer will authorize recording of your signed documents with the county recorder.  Title will prepare a final settlement statement, will disburse proceeds to the seller and pay off any existing encumbrances.  Upon recordation, the transfer of ownership is complete and the home officially becomes yours. 

 

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