Steps of the Home Loan Process
By: Kenneth Powell – Realty One Group Performance
The buyer and seller sign the purchase contract and agree to terms.
- The buyer and seller sign the purchase contract and agree to terms.
- Loan documentation from an “Item’s Needed” list is sent to your loan officer, along with a copy of the purchase contract.
- The Loan Estimate is sent to you within 3 days from the start of the loan process, which you sign and return.
- The interest rate is locked in, which can be done over the phone.
- The appraisal is ordered.
- Loan disclosures are printed, signed, and emailed back to your loan officer.
- The loan is submitted to underwriting.
- Final underwriting conditions are sent to you. It is critical that you send all documentation quickly so that closing is not delayed.
- The appraisal and final conditions are submitted back to the underwriter.
- The loan is approved and closing documents are sent to your attorney.
- Your attorney and loan closer will create a closing disclosure (CD), which shows the amount needed to close.
- You go to closing, sign final documents, and wait about an hour for the loan documents to be scanned and reviewed by the lender before funding is sent for your loan.
- The attorney records the deed and you are now a homeowner!