Once you are pre-qualified and you have chosen a property and worked out a contract with your Realtor, we then start the loan process.
We can only lock the loan once a property has been chosen and you have reached an agreement on the contract price. We then take the formal application and begin processing your paperwork. You will be given a list of documents we will need to get your loan through underwriting. We set up a time for you to come in and sign the general loan application. Once you have come in and signed the application and given us the list of income docs required we send that to the bank to get the formal underwriting approval done.
While your loan is at the bank for underwriting, we order the appraisal from the bank and the titlework from the attorney. It will be your job at that point to call your insurance agent and set up a policy for the new home you are buying. Once the bank finishes the underwriting we notify you of any loan conditions that are needed to clear out the loan. Once we have those and the bank clears the loan then the closing department sends the closing package to the attorney.
The attorney will prepare all the final figures for the closing and once approved by all parties we send you a copy of the settlement statement, commonly known as the HUD. Be prepared to get a certified check for the funds for closing. Personal checks are not allowed. If you bank with an out of state bank you might consider wiring the funds to the attorney. It is simple and efficient.