The Homebuying Process

STEP 1 - Your Loan gets Pre-Approved so you can make your offer through your Realtor:

Homebuyer provides information to lender for credit report.
Provide W-2’s, pay stubs, statements from banks, credit unions, securities, retirement plans where you hold money.

STEP 2 - Lender Processes your Loan:

STEP 3 - You Search for Property, find the home that fits your needs, get your offer accepted:

Have a home inspection
Negotiate repairs, if any
Contact a homeowner’s insurance agent & arrange to have the home insured as of the close of escrow date.

STEP 4 - The Lender Orders:

Preliminary Title report.
Appraisal of the property (after you have had a satisfactory home inspection).
An insurance binder from the borrower’s insurance agent, effective with their closing date.
Sends loan application papers to homebuyers.

STEP 5 - The Lender “Underwrites” the Loan (issues full loan approval):

The fully processed loan, including appraisal & title report, is reviewed by the Underwriting Department.
Full loan approval is made (sometimes there are additional conditions to satisfy, based on Underwriter review).

STEP 6 - Your Closing Documents Are prepared & sent to your Title company:

The lender prepares all of the documents you will need to sign at the title company to close your loan.
Those documents are then sent to your escrow officer at the title company where you will sign them.

STEP 7 - You Sign the Final Loan Papers AT YOUR TITLE COMPANY:

Your escrow officer will do their own “work-up” on your file, prepares a settlement statement & calls you into their office, to sign the final documents a few days before the official closing and recording date.
Your escrow officer will tell you exactly how much money you will need to bring to closing (should be close to the good faith estimate).

STEP 8 - You get the Keys !! AFTER: