A professional lender / mortgage broker will handle your transaction with care and confidentiality. The home buyer has many advantages when working with a reliable lender including:

Pre-Qualification:
Your lender can pre-qualify you by a thorough examination of your current financial situation and credit checks. This is very important so you don’t waste time shopping for a home which is not in your price range.

Helping You Find the Right Loan:
The lender can shop for the loan best suited for your specific needs. This gives you the ultimate in options for rates and terms available.

Handling the Details:
The lender works closely with you and the other support team members in order to make sure that the loan is approved and funded in a timely manner and your transaction closes successfully.

Lender Selection Tips:
A lender will play an important part of your real estate transaction. Here are some considerations for interviewing and selecting the right lender for your needs.

• References from past clients; call several.
  
• Reputation within the community or industry?
  
• Company reputation and stability? How long in the business?
  
• Experience – how many loans do they close each year?
  
• Can the interest rates be locked in at no cost? For how long? How much for an extended lock?
  
• With “0” Discount Points, what is your rate?
  
• Mortgage broker? Do they have access to a wide variety of loans?
  
• Do NOT call around asking for interest rate quotes. The interest rate you are quoted over the phone by a lender may not be a program that will fit your needs or situation.
  
• What are the lender’s closing costs and what do they include?

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Step 1: Application
The load process should go smoothly if you complete your loan application properly and provide all necessary documentation to your loan consultant at the time of application.

Step 2: Ordering Documentation
Your loan consultant will order the necessary documentation for the loan as soon as it is received. Any verification will be mailed, and the credit report and appraisal will be ordered. You will also receive a Good Faith Estimate of your costs and details of your loan.

Step 3: Awaiting Documentation
Within approximately two weeks, all necessary documents should be received from your loan consultant. Each item is reviewed carefully in case additional items may be needed from you to resolve any questions or problems.

Step 4: Loan Submission
Submitting your loan is a critical part of the process. All of the necessary documentation will be sent to the lender, along with your credit report and appraisal.

Step 5: Loan Approval
Loan approval may be obtained in stages. Usually within one to three days, your loan consultant should have pre-approval from the lender. If the loan requires mortgage insurance, or if an investor needs to review the file, final approval could take additional time. You do not have final loan approval until ALL of the necessary parties have underwritten the loan.

Step 6: Lender Preparation of Documents
As soon as the loan is approved and all requirements of the lender have been met, the loan documents will be prepared. These documents will be sent to the escrow officer, and you will be asked to sign the documents. Your lender may require an impound account for tax installment payments, depending on the type of loan.

Step 7: Funding
Once you have signed the documents and they have been returned to the lender, the lender will review them and make sure that all conditions have been met and all of the documents have been signed correctly. When this is completed, they will "fund" your loan. ("Fund" means that the lender will give the title company the money by check or wire.)

Step 8: Recordation
When the loan has been funded, the title company will record the Deed of Trust with the county in which the property is located (usually by the next day). Upon receipt of confirmation of the deed being recorded, title or escrow will then disburse monies to the appropriate parties. As this time, in most cases, your loan is considered complete.

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