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The Financing Process

Posted on January 11, 2010 by tim in Appraisal, Buying, First Time Home Buyer, Mortgage

Congratulations! You’ve been pre-approved and you have an accepted offer on the home of your dreams. So what happens now?

1. First complete the loan application. An application fee may be required by your lender.

2. The lender begins processing the application.

3. The lending institution requests an appraisal of the home, a credit report, and verification of employment and assets such as bank accounts.

4. The lender will provide a booklet containing specific loan information and a good faith estimate of closing and related costs.

5. An estimate of your loan costs in the form of an initial Truth and Lending Disclosure Statement is issued.

6. The lender evaluates the application, along with supporting documentation and approves the loan.

7. Once you sign the closing documents (at closing) the loan is funded.

8. The lender disburses the funds to the settlement or closing agent. The seller is paid and the title to the home is yours.

9. The appropriate documents are recorded at the county recorders office.

10. To learn about getting pre-approved and documents needed to apply for a mortgage, click here.

If you have further questions about the financing process, please contact us at teamannett@gmail.com. If we cannot answer your question we will refer you to a qualified mortgage professional for additional help.


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