Engel Volkers - Bozeman - Buyer - Flipbook - Page 53
E n g E l & Vö l k E r s | B U Y E r ' s g U I D E
The loan process
Unless you are paying cash for your property, you will need to apply for a mortgage loan. Your lender can
explain current financing options and help you select the right type of loan for your situation.
1. Pre-quali昀椀cation/interview
• application interview.
• Lender obtains all pertinent documents to avoid delays.
• the lender opens the transaction with your title company.
2. Order documents within 24 hours of the application, the lender will request
• credit report, appraisal of property, verification of employment, mortgage or landlord ratings, funds to close.
• title commitment and a Preliminary good faith Estimate of your costs and loan details from your title company.
• Picture ID, W2s (2 years), a certificate of Eligibility, DD214 (VA only), and any other necessary supporting documentation.
3. Loan submission
• Loan package is assembled by the Loan officer and submitted to the underwriter for approval.
4. Loan approval
• generally takes 24-72 hours.
• Parties are notified of approval and conditions to the loan.
5. Documents prepared by the Lender within 1-3 days after loan approval
• Loan documents are completed and sent to your title company.
• Borrower is notified of how much money is necessary to close the loan.
• Borrower will come to your title company to sign all final documents.
6. Funding
• Lender reviews the loan package.
• funds are wired to your title company.
7. Recording documents
• Your title company records the Deed of trust at the county recorder’s office securing the lien against the property.
• funds are disbursed to the appropriate parties.
• escrow is officially closed.
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