The Loan Process A series of steps to reach the finish line
1. Pre-Approval You will be asked to provide personal information such as your social security number, income, assets, debts, credit information and the specifics on the type of property you wish to purchase. 2. Full Application During the application process, the lender will update the information and documentation that has already been submitted. 3. Processing Your mortgage package will be reviewed and completed by the processor. 4. Loan Submission Once the processor has completed the loan package, it is submitted to the underwriter for approval.
5. Loan Approval All parties are notified of the approval and loan documents are completed and sent to both the title and escrow companies. 6. Title The title company ensures that the property title is clear and legitimate. Once this process is complete, title insurance is issued for the property. 7. Funding Once you have s igned the loan documentation, your lender reviews the loan package, and upon approval, funds are wire- transferred to the title company. 8. Recordation When the title company has all the funds needed, they will record the transfer of title and you’ll be recorded as the new owner of the home
Von Kaenel Giambruno Real Estate Group | 15
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