The home loan process can be a bit overwhelming. In this blog post I simplify the required steps on a ‘typical’ residential mortgage…

Step 1
Loan Application Taken
Credit Report Ordered
House owner/real estate agent giving away the keys Income, asset, credit documents requested, and received
Conditional pre-approval (with letter) provided

Step 2
Purchase contract received/mutual acceptance
Home Inspection Completed
Appraisal and Title ordered

Step 3
Lock-in interest rateHouse owner/real estate agent giving away the keys
Appraisal and title work received
File review by Loan Processor
Loan Package Submitted to Underwriting
Receive loan approval
Notify realtor, borrows, and escrow
Loan documents ordered

Step 4
Loan documents prepared and sent to escrow
Closing HUD-1 Statement Approved
Loan Documents signed and returned
Loan set-up for funding
Loan funds
Loan records

Move-in! Congrats, you are a home owner!

 

For more information regarding lending options, questions, or opportunities, feel free to e-mail me @ CanfieldHomes@gmail.com, so I can easily get you in touch with a licensed lending professional.

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