• The Application: The lender will collect pertinent documentation along with various fees.
• Documentation: A credit report, verification of employment and funds to close, mortgage or landlord rating, a preliminary title report, and any other necessary supporting documentation will be ordered. Once inspection of the subject property is completed, an appraisal of the property will be ordered.
• Loan Submission: When the required documentation is received, the loan processor prepares a loan package that is submitted to a lender.
• Loan Approval (Underwriting): Loan approval, or underwriting, is typically completed in three days although it may take slightly longer. You are then notified of loan approval and any conditions that must be met before the loan can close.
• Drawing Documents: After loan approval the lender prepares loan document, including the note and deed of trust. It is all sent to the title company who arranges an appointment for you to sign the final papers. The escrow officer will also calculate how much money is necessary to close the loan. Generally it is the day you sign the papers that you bring a cashier's check to your appointment. Wiring funds is also acceptable.
• Closing:Once all parties have signed the loan documents, they are returned to the lender for review. If the forms have been properly executed, the lender sends the loan funds by wire transfer. At this point, the loan process is complete and you will have the funds to purchase your home.

For more information contact me at:
Francine@FrancineDiPalma.com or 510-982-4421