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Mortgage Loan Approval Process
These are the key steps of the
loan approval process:
1. Application/Documentation - Once pertinent
documentation is obtained from the borrower, Ladd Financial
generates the mortgage application, requests a credit report
and orders an appraisal of the property. Should any issues
arise, we request additional information and/or items as
needed. Throughout the process, we keep the applicant, and
the realtor, and attorney informed as to the loan's
progress.
2. Loan Submission - Prior to submitting the loan
package to a lender, the loan originator reviews current
mortgage programs to insure the borrower the best product,
rate, and term. The loan is then assigned to a loan
processor who puts the loan package together, sends the
completed application and Good Faith Estimate of closing
cost to the applicant for review and signature, then submits
the loan package to the chosen lender for approval.
3. Loan Approval* - Once all the outstanding loan
conditions are met to the satisfaction of the lender, Ladd
Financial will notify all parties that the loan is "cleared
to close."
4. Documents are drawn - The lender prepares the
closing package and sends it to the attorney prior to
closing. At this time, the borrower is told how much money
to bring to the closing table (if applicable).
5. Closing Funding - The loan is funded and closed
once all parties have signed the loan documents.
6. Recording - The attorney records the note and deed
with the town recorder's office.
*See
Also:
Pre-Approval vs. Pre-Qualification
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