You Shouldn't Have To Fear The Loan Process!
It seems the loan process is somewhat of a mystery to many people but it needn't be that way. In short, here are the basic steps to a loan.

1. Consultation
2. Application & Disclosures
3. Documentation / Processing
4. Approval
5. Opening of Escrow
6. Appraisal
7. Signing 
8. Funding and closure

Steps Explained:
Consultation is where we discuss your specific needs and goals. 
Application and disclosure allows me to determine your qualifications so that I can disclose estimated program costs, payments and rates via a "good-faith-estimate".
Documentation and processing  here I will collect any lender required papers such as pay-stubs, bank statements or tax returns. These will be carefully "processed" and packaged in such a way to insure that you are properly represented to the lender.
Approval (or Underwriting) under careful review the lender's underwriter agrees to accept your application or not. Generally the borrower is provided a "pre-approval letter". When buying a home, sellers usually require a pre-approval letter from the buyer. NOTE: To simplify and expedite the approval process The Mortgage House proudly offers "in-house" underwriting.
Escrow  provides non-bias representation to insure that all parties including buyers, sellers and lender get what they expect, as agreed, in a timely manner. 
Appraisal is ordered to insure the subject property is worth as much or more than the amount being lent.
Signing is just as it sounds. An escrow officer further explains and discloses all the details of a transaction to the borrower to insure that they agree and commit to all conditions and terms.
Funding and Closure. Here the lender transfers appropriate funds to the seller's account. New titles are recorded if applicable and Escrow is finally closed.

NOTE: There are many more specific steps to the loan process but for sake of "keeping things simple" this lay explanation accurately represent the lending process. For specifics regarding any part of the lending process please call me.

 

 

© 2007 Charles Motley. All rights reserved.

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" A home is the largest purchase most individuals will ever make in their lifetime...I believe borrowers should understand every aspect of such an important transaction."