The Loan Process goes like this:
- Complete Loan Application by Phone or Come into office
- Run Credit Report
- Discuss Loan Options depending upon the following Criteria:
- Credit Score
- Amount of Debt
- Amount of Money available if Purchase
- Amount of Equity in Property if Refinance
- Is Property Owner Occupied or Investment
- How are you Paid?
-Are you a W2 Employee
-Paid Commission
-Self Employed
- Once Loan Program is Selected
I will give you a WRITTEN GOOD FAITH ESTIMATE within 24 hours
Via Fax, Email, Mailed or Hand Delivered
Note: All Lenders should give you a WRITTEN GOOD FAITH ESTIMATE. If they don't or aren't willing to, then go to another lender.
The Good Faith Estimate breaks down the:
Interest Rate
Program Type
Loan Terms
Doc Type
Loan Amount
Total Costs
Total Payment
Once you apply, get Pre-Qualified or Pre-Approved, you enter ESCROW
The Loan is Processed
The Loan Receives Full Approval
Satisfy any Approval Conditions
Draw Loan Documents
You Sign Loan Documents
The Loan Documents are Returned to Lender
The Loan Funds
Buyers Get Their Keys
Refinances Get their Cash
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