The Loan Process
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PRE-QUALIFICATION/CONSULTATION
Application interview/Overview of loan programs and costs.
Broker obtains all pertinent documents.
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ORDER DOCUMENTS
Credit report, Appraisal on property, Verification of Employment, Mortgage or Rent Ratings, Preliminary Title Report and Verification of Funds to Close.
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DOCUMENTATION
Supporting documents come in. Broker checks on any problems. Requests for any additional items are made.
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LOAN SUBMISSION
The loan package is assembled and submitted to the lender for final approval.
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CONDITIONS
Parties are notified of any conditions required by the investor.
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LOAN APPROVAL
Parties are notified of final loan approval.
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DOCUMENTS ARE DRAWN
Borrowers come in for final signatures, with broker, and bring cashier’s check for funds necessary to close, after estimated closing statement has been reviewed by broker.
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FUNDING
Lender reviews the loan package.
Funds are transferred to Escrow by wire transfer.
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RECORDING OF DOCUMENTS
Title Company records the deed that transfers ownership, and the trust deed that secures the new lien at the county recorder’s office. Escrow is now officially closed!
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