The Loan Process...

Step 1 | Step 2 | Step 3 | Step 4 | • Step 5 | Step 6

Step Five:

Understand the loan process

Once a home has been selected, the processing of the loan can take up to 40 days or more if you use a traditional lender such as a bank. How a traditional lender (such as a bank or mortgage broker) processes a loan.

1. Loan Consultant in branch office pre-qualifies you and collects required information and documents. Mails or faxes documents to corporate headquarters.
2. Processor reviews your information and requests any additional documents. Once documentation is complete, everything is transferred to an underwriter.
3. Underwriter makes the decision to approve or disapprove your loan.
4. If approved, the Closer assembles the paperwork and mails or faxes documents to the local office.
5. Escrow or title company closes the loan.