10 BASIC STEPS OF THE LOAN PROCESS
Suggested Loan Process
1. APPLICATION
Completing the Loan Application is not a big job. However, there are certain items that most Lenders would like to know to better serve and increase the possibility of Loan Approval. We will assist you in "filling in the blanks", and will inquire to certain issues that will provide a better view of your Application and Personal circumstances, thus improving the characteristics of your over-all file, and results.
2. APPROVAL
In most cases Approval is provided within 24 hours. During this time your file is "built" and considered for several different Loan Programs. By having a number of Programs available, we are able to view the file from several perspectives, allowing to match you to the Loan Program that might best fit your needs.
3. APPROVAL PRESENTATION
The Approval Presentation may be provided to you by telephone, mail, fax, e-mail, or a visit to our offices. This is critical to actually making "the loan work" for you. This presentation not only includes the presentation of the Loan Program you have qualified for, but also to offer suggestions on how to make the entire transaction "work for you." In many cases there are ways to "roll" the closing costs into the loan, reduce the down payment, and so on. This is a very critical step in most cases. By not only presenting the Loan Program, but also structuring the transaction favorably, you will often find you have a better chance of actually closing, and owning the property.
4. CHOOSING YOUR HOME
With Approval Worksheet in hand, you are ready to shop. There are many ways and places to shop for your property. Most sellers, brokers, agents, and builders truly care that you are happy with your selection, and shopping experience for that matter. However, there are several opinions that we could share so that you will be "up to speed" with and prepared, to enjoy shopping, enjoy your selection, and increase the probability that the transaction will be consummated.
5. PLACING YOUR SELECTION UNDER CONTRACT
It is critical that the information discussed and illustrated in your Approval Presentation be included in the Sales Contract. For this reason we often visit with the seller, broker, agent, or builder to assure that the special provisions from the Approval Presentation are included in the Contract. If they are not, the transaction might be more difficult to close. So, our discussion with the sales representative is generally a "must."
6. LOAN PROCESSING
Processing is where all of the pertinent documents are gathered, including items such as appraisal, survey, title commitment, client documents, and other special items needed. All processing is "in house" and carefully monitored by Randal Stuart to assure that processing is completed in a fashion that will support the Loan Approval. Remember - Client Documents must support what you stated on the Application.
7. UNDERWRITING
This is where the "processed" file is reviewed for errors, omissions, and gains Final Clear To Close Approval. Once the file is audited by Underwriting, "Final Conditions" may or may not be issued. If there are any Final Conditions, most are ordered without the Borrower's concern, such as spelling corrections, Title issues, Appraisal corrections, and so on. However, it is possible that the Final Conditions may require additional documentation by the Borrower to clarify certain issues. We will assist you in obtaining such documentation, and will review carefully with you to assure Underwriter's needs are satisfied. This could make the difference in the loan closing or not.
8. LOAN DOCUMENT PREPARATION
Once the Final Clear To Close is issued, your file is moved to the Closing Department. The Note and other Loan Papers are prepared here and then delivered to the Title Company.
9. CLOSING
The Closing of your transaction will be held at the Title Company. A closing agent will describe each document and it's meaning, acquire your signature, collect your down payment (if any), and the property is yours... CONGRATULATIONS !!!
10. SERVICE - SERVICE - SERVICE !!!
Our Customer Service is just what we'd expect if we were the Client. You will be treated professionally and courteously, and your File will by managed by our Principal Broker - Randal Stuart. From Application to Closing, we are very attentive and efficient, we will keep you up to date on the process, what is being done, and what needs to be done. We'll be your team!!!
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