||This will set the process into motion. Whether you want to
get pre-qualified and have not yet found a property or have
made an offer this will enable a loan officer to assess your
||We check credit and pre-qualify
with our pre underwriting system. This system will assess
your credit, income and assets to quickly determine what programs you
Agent Contacts by Phone or Email
||On a purchase loan it is vital
that a mortgage professional guide the process. This first connection
with the loan officer will get a dialogue started which will insure that
you get the loan you want and that it funds when you need it to fund.
||Once you determine what loan
amount, loan type and rate you want, your loan officer will order an
appraisal. (you must pay the appraiser at the time of the visit.)
Documentation and Paperwork
||Paperwork is still a big part
of the loan process. We will mail you the printed loan application, some
other forms to sign and a document checklist. Get this back to us ASAP.
If you have questions, call or e-mail your loan officer.
to a Underwriter
||Once all of the paperwork is
assembled by our processors they will submit the loan package to the Underwriter
for final underwriting..
|Underwriting & Approval
||An underwriter will review the
package and fax an approval to AddieMae and any conditions necessary for
the approval. Most conditions are taken care of by AddieMae or the
Underwriter. However, on occasion, you may need to provide
additional paperwork or explain some details.
||Our closer gets the conditions
from whomever is to provide them and submits them to the Underwriter.
||The Underwriter draws the
documents and delivers them to the escrow agent. The escrow agent will
call you to arrange signing. This is coordinated by our closer, your
Realtor and the escrow agent
||Once the signed documents are
returned to the Underwriter they will be reviewed. The escrow agent will
request a wire transfer of the loan funds, close and record the