It's not hard to search and find bland descriptions of the mortgage process that paints in broad strokes. For the more information hungry home buyer, I've tried to collect snippets of audio and video that go into greater depth on this topic covering everything from shopping for your home loan to closing on your new mortgage.
More detailed information and descriptions can be found at www.iloanhomemortgage.com. Enjoy!
| The following outlines the Loan Process in more detail … |
| I. Pre-Qualify Yourself (1 day) – calculator |
| II. Shopping Process and Variables (2-10 days) |
| 1. Principles of Rate, Closing Costs & PMI – video |
| 2. Available Loan Product Options – options |
| 3. Competency & Knowledge – license check – resume – BBB |
| 4. Service |
| 5. Empowering the Client – video |
| 6. Locking vs. Floating – video |
| 7. Bank vs. Broker vs. Correspondent – audio |
| III. Pre-Approval Process (1-4 days) |
| 1. Apply – secure online application |
| 2. Submitting Needed Paperwork – checklist |
| 3. Meeting – contact us (video conference is an option) |
| 4. Signing Lending Disclosures – audio |
| 5. Paying for Appraisal – audio |
| IV. Preliminary Processing (7 days) |
| 1. Initial Quality Control – video |
| 2. 3rd Party Reports –audio |
| 3. Reconciling Income and Assets – audio |
| 4. Submit to Underwriting – audio |
| V. Preliminary Underwriting (1-4 days) |
| 1. Reconcile Loan with Lender and Insurer Guidelines – audio |
| 2. Issues Conditional Loan Approval – audio |
| VI. Final Processing (1-7 days) |
| 1. Collection of Final Loan Conditions – audio |
| 2. Clearing of final Loan Conditions – audio |
| 3. Submission for Final Underwriting |
| VII. Final underwriting (2-4 days) |
| 1. Clear conditions |
| 2. Final QC – audio |
| 3. Issue "Clear to Close" or Final Loan Commitment – audio |
| VIII. Pre-Funding (2-4 days) |
| 1. Prep Closing Docs and Closing Instructions – audio |
| 2. Reconcile and Approve HUD1 with Title Company – audio |
| IX. Closing (1 days) |
| 1. Execute Contracts |
| 2. Execute Final Disclosures |
| 3. Disburse Funds |
Should you have any questions about any of the elements of the loan process, don't hesitate to contact me!
Charles Dailey - Branch Manager, Loan Officer, Certified Military Housing Specialist - iLoan - NMLS ID# 79048 - CA DOC, MN DOC & WI DFI - 612.234.7283
The Home Buyers Scouting Report® is provided directly to the buyer by HBM II, a licensed national real estate brokerage service company, not to or through a lender. The FREE home finding service is provided directly to prospective homebuyers by HBM II and its real estate brokers, as part of their ordinary real estate brokerage services. HBM II, Inc. works cooperatively with other real estate agents across the United States in attempting to find ready, willing and able buyers for homes listed for sale. The role of the Preferred Loan Officer is to assist in determining a comfortable home price range for Home Buyers Marketing II, Inc. (HBM II) to use when it is searching for property listings within the buyer's search criteria.
