Buying a new home is exciting, but it can also be a little intimidating, especially if you have never done it before. The loan process, in particular, can seem daunting. Certainly, there will be some paperwork to complete, some regulatory hoops to jump through, and several steps to the process that you’ve got to keep in line.
That doesn’t mean the loan application process has to be arduous, though. As long as you have a loan officer who’s willing to guide you through the journey, everything should be just fine.
At Loan Fleet, we take pride in offering just that kind of guidance. We’re a small shop, and that empowers us to pay ample personal attention to each and every client. One thing we’d like to do to help you understand the process a little better. Here’s what you can expect, step-by-step, from the loan process:
Step 1: Electronic Loan Application and Document Package
First, you’ll receive a secure link that you can use to electronically sign your documents, saving you valuable time. This package will include a loan estimate, which is an itemized breakdown of the fees you may be charged during the home mortgage process.
Step 2: Loan Approval
Next, we’ll review your application, and if necessary ask for some additional documentation. The faster you can return the requested documents, the faster we can get the mortgage loan approved!
Step 3: Appraisal
From there, we’ll send a licensed appraiser to inspect the property and determine its rough value. In most cases, you’ll need to pay the appraisal fee before the inspection.
Step 4: Closing Disclosure
You’ll ultimately receive a closing disclosure, which is a final list of fees that will be charged when the loan closes. You should get this at least three days before the closing, giving you some time to line up the funds you need.
Step 5: Verbal Verification
We’ll place a phone call to your employer, just to ensure that you do indeed have a steady job and source of income. It’s important that they answer this call!
Step 6: Closing
After all these other steps have been completed, all that remains is to schedule a time to come sign the paperwork in person—and when that’s said and done, you’ll be a homeowner!
Start the Process Today
The best way to begin this journey is to enlist a guide. At Loan Fleet, we’re always here for you. Contact us today to learn more.