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Your Personal Mortgage Consultant MLO # 5202                                                                         NMLS # 107614

                                                                                                                                                           
 

Fred W. Holland

Six Steps For Obtaining A Loan


1.      The loan application.
Here’s where we start!  The loan application is completed and the credit report is ordered.  Scenarios are discussed and determined and all state and federal disclosures are reviewed and signed.  Initial income and asset documentation is received and reviewed for accuracy. 

 2.      Processing and Pre-Underwriting. 
At this point, the documentation you provided is processed, reviewed and organized for pre-lender submission.  If items are missing, you will be contacted directly.  YOUR RESPONSIVENESS IS CRITICAL DURING THE TRANSACTION.  The processing of your loan may be delayed if we do not receive the required documentation from you.  Either I or my assistant, Kelly Glass will contact you either by telephone or email regarding the items required to complete your loan request.  It is important that we receive this documentation within 48 hours to guarantee your transaction closes on time.  Title and appraisal are now ordered and escrow is set up (this is where you will do your signing).  At this time we also contact your homeowner’s insurance agent and request a new hazard binder.
 
 3.      Appraisal and Title.
Generally in the next week you will receive a call from an appraiser to set an appointment to view your property.  Please respond quickly as this can hold up the entire process.  If you are purchasing a home, the appraiser will contact your Real Estate agent directly.  Once the inspection is done, the appraiser compiles the appropriate information and finds comparable homes in the area that have recently closed to determine the home’s value.  Once completed (3-4 days after inspection), the appraisal is emailed to us.  During this period, title is received and reviewed for any outstanding liens or judgments, correct address and vesting.  

 4.      Lender Approval and Loan Documents. 
When all documentation, appraisal and title have been returned to us, we submit the loan request for lender approval.   Once all approval conditions are met, we are ready to order your final closing documents.  This set of documents is the actual legal paperwork that describes the terms and conditions of your new loan.  At this time I will contact you to review the interest rate, payment, term of the loan, 1st payment date, funds to close (if applicable) vesting and spelling.
 
 5.      Escrow and Closing. 
Once the loan is approved, all paperwork is reviewed.  Loan documents are prepared and sent to the escrow company.   They will prepare a final Settlement Statement which shows all of the assorted costs and pay-offs associated with your  loan.  I will review all of the fees and contact you with the bottom line numbers.  You will then get a call from the escrow agent to schedule an appointment to sign the closing documents.

 6.      Funding and Recording.                                                                             
On all refinances there is a three day right of rescission after signing closing documents before the new loan can be funded and recorded.  Once this is done, the loan is recorded with the county and your funds are disbursed.  If you are purchasing a home, the three day right of rescission does not apply.  

Important Notice:  During your loan application processing period and until your loan closes, please remember…
1)       Always pay your bills on time
2)       Do NOT buy any items on credit
3)       Do NOT apply for any new credit accounts (this lowers your credit score)
4)       Do NOT purchase any major items with cash (depleting your savings)
5)       Do NOT change your lifestyle (i.e. employment, move, divorce, etc.)

IF IN DOUBT, PLEASE CONTACT US IMMEDIATELY!
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