Purchase Loan Process

Step 1: Consult With Michael

• Let us know what your personal needs are.
  
  
• We will discuss loan programs & your options.

Step 2: Complete Application and Get a Pre-Approval Letter

• Fill out the application online with our “Apply Now” link to get your loan
  started.
  
  
• Michael will provide you and your agent a pre-approval letter to be used when
  making an offer on a house.

Step 3: You Find a Home and We Receive Accepted Purchase Agreement

• Your agent will provide us with a completed purchase agreement and will give
  us the escrow and title information.

Step 4: The Home Appraisal is Ordered

• The cost for an appraisal is determined by the value of your home.

Step 5: Completed File is Submitted to Lender

• Your application, disclosures, credit report, bank and asset statements, escrow
  instructions, preliminary title report and appraisal are submitted to the
  lender once we have received these and any other required
  documentation.
  
  
• To process your loan we will need documentation from you to verify
  your income and assets. Documentation may vary depending on your
  loan program.
  
  
• We will need copies of the following:
  
  
  • Recent pay stubs covering the last 30 days.
    
    
  • W2’ forms for the previous two years or verification of other types of
    income; for non-W2 employees, we will need 2 years tax returns.
    
    
  • Most recent three months worth of statements for your checking, savings
    and investment accounts.

Step 6: Approval Received with List of Conditions to be Met

• The lender accepts the loan request and may have additional documentation
  that they will need before docs are drawn or before they fund the loan.

Step 7: Your Loan is Locked

• You are locked in at the agreed-upon interest rate.

Step 8: Docs are Ordered and Sent to Escrow for You to Sign

• Once prior to doc conditions are reviewed by the lender, they will draw your
  docs and forward them to the escrow company.
  
  
• Escrow will prepare the docs for signing and contact you to arrange a time and
  place for you to meet with a notary.

Step 9: Lender Reviews Docs and Final Conditions

• Escrow sends the signed docs back to the lender for final review.
  
  
• Any final prior to funding conditions are also received and reviewed.

Step 10: Lender Funds Your Loan

• The lender sends a wire to the title company.
  
  
• Escrow will disburse the funds to the appropriate parties.
  
  
• Your loan closes, Congratulations!

Feel free to contact me, if I can be of any service!