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The
Homebuying ProcessSTEP 1 - Your Loan gets Pre-Approved
so you can make your offer through your Realtor: - Homebuyer provides
information to lender for credit report.
Provide W-2’s,
pay stubs, statements from banks, credit unions, securities, retirement plans
where you hold money.
STEP
2 - Lender Processes your Loan: STEP
3 - You Search for Property, find the home that fits your needs, get your offer
accepted: Have a home inspection Negotiate
repairs, if any Contact a homeowner’s insurance
agent & arrange to have the home insured as of the close of escrow date.
STEP
4 - The Lender Orders: Preliminary Title report.
Appraisal of the property (after you have had
a satisfactory home inspection). An insurance
binder from the borrower’s insurance agent, effective with their closing
date. Sends loan application papers to homebuyers.
STEP 5 - The Lender “Underwrites”
the Loan (issues full loan approval): The fully
processed loan, including appraisal & title report, is reviewed by the Underwriting
Department. Full loan approval is made (sometimes
there are additional conditions to satisfy, based on Underwriter review).
STEP
6 - Your Closing Documents Are prepared & sent to your Title company: The
lender prepares all of the documents you will need to sign at the title company
to close your loan. Those documents are then
sent to your escrow officer at the title company where you will sign them.
STEP
7 - You Sign the Final Loan Papers AT YOUR TITLE COMPANY: Your
escrow officer will do their own “work-up” on your file, prepares a
settlement statement & calls you into their office, to sign the final documents
a few days before the official closing and recording date. Your
escrow officer will tell you exactly how much money you will need to bring to
closing (should be close to the good faith estimate).
STEP
8 - You get the Keys !! AFTER: The lender receives
the papers back from the title company and reviews them. The
lender “funds” the loan (writes a check to pay-off the seller). The
Title company records the Deed at the county assessor’s office.
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