Step One – Application
The lender will have you fill out an application. Then they will obtain all the pertinent documentation to avoid unnecessary problems and delays.
Step Two – Documentation
Within 24 hours of submitting your application, the lender will request documentation to verify the information you have provided.
Step Three – Loan Submission
With documentation in place, the lender submits the application and documentation as a package to the underwriter for approval.
Step Four – Loan Approval
The underwriter reviews the paperwork and makes a determination whether or not to grant the loan. Approval generally takes 24 to 72 hours. All parties involved are notified.
Step Five – Loan Documents
Within one to three days after approval, the loan documents are completed and sent to your escrow officer (often someone at the title company or an attorney). The escrow officer will make an appointment for you to sign all final loan and escrow papers.
Step Six - Funding
Once the loan documents are signed, they are returned to the lender, who reviews the package. If the loan documents pass final review, the loan funds are deposited with your escrow company.
Step Seven – Recording
When the escrow company receives funds from the lender, they authorize the title company to record the deed of trust at the County Recorder’s office.
We know the loan process can be a bit intimidating, so we’ve put together this flyer to give you a little information about the process.