Introducing the home loan process made simple by Electric Loan Officer. Through the many years of providing home loans, it’s quite apparent that many uneducated loan officers and banks complicate the home loan process and homeowner hopefuls are denied loans, due to the lack of service and unorganized loan processes. In many cases I can get clients approved that have recently been rejected by a bank and loan officers that did not do their job correctly.
I’ve created a simple, efficient process that ensures your loan success and keeps you in control and prepared throughout each step of your home loan process. The next time you need a loan officer that can get the job done, I’m here for you.
Home Loan Process | Step 1: Initial consultation
The initial consultation between the potential homebuyer and me is the process of discovery. Through a series of questions regarding your home purchase, I will get to know you; your personal needs and gain understanding of the exact goals you want in me as your lender and help you attain your home financing.
After the initial consultation, together we will have your completed plan of action and you will prepare documentation needed for your loan application.
Home Loan Process | Step 2: Pre-approval loan application
After all your documentation is prepared you will complete your full loan application. The most efficient and simple way is to complete your loan application securely online, but we also provide the convenience to take your loan application in person, via telephone or by fax. Upon loan application- with your authorization your credit report will be processed to verify your credit rating and debt-to-income ratio.
After everything has been completed I will review your loan options with you and help you determine the loan that fits your specific needs.
Home Loan Process | Step 3: Loan processing and pre-approval
Now that the loan application is completed, your credit report is processed, and your supporting documentation is gathered- your loan application will be reviewed by a loan processor to verify the information is complete and all information is correct. As soon as the information is verified correct, you will receive your pre-approval letter from me.
Now it’s time to search with your Real Estate broker to find the home of your dreams. When you find the perfect home you will make your offer and upon acceptance, an appraisal is ordered on the property to determine the current market value to ensure the offer price supports the loan amount being requested.
Home Loan Process | Step 4: Loan underwriting
By now, your offer has been accepted, your loan application is processed, your documents are all together and your loan package will be submitted to our-in-house underwriter who will evaluate your loan information as well as your ability to make the monthly loan payments.
Our underwriter may ask for additional supporting documentation at this time prior to making a final loan approval decision.
Home Loan Process | Step 5: Final loan approval
Upon receipt of a loan approval, you may be asked to provide additional information and documentation needed by the underwriter and will be notified of the conditions and deadlines, which must be met in order for your loan to close and fund by the closing date.
Now your loan has completed underwriting successfully and your escrow documents are ordered.
Home Loan Process | Step 6: Closing
At closing you will receive your settlement statement and meet with a closing title agency. This settlement statement includes all the final costs for the loan transaction. You will sign all documents such as the mortgage or deed of trust, note, Truth in-Lending Disclosure and other miscellaneous closing documents. You will need a certified or cashier’s check for the down payment and/or closing costs (you will be provided with the total of all fees before your closing date so you are prepared).
For purchase transactions with a current property owner, the seller will sign a deed and other miscellaneous closing documents as well.
Home Loan Process | Step 7: Loan records
As soon as the closing documents are completed I will receive the signed documents and will verify all conditions have been met and that all figures are accurate. Now your loan funds are disbursed and the transaction is recorded at your County Recorder’s office.
For purchase transactions, the home is now officially and legally yours. You will receive the keys to your new home according to the terms in your purchase contract. Welcome home.
Get Pre-Approved Now Home ownership starts here »
