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Pre-Qualification

Typically over the phone, purchase goals, budget, income, assets, debts and credit discussed. Buying guide with price range and loan terms prepared.

 

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Pre-
Approval

Loan application completed; credit history, income, employment, bank accounts verified and evaluated by underwriting.

 

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Shop for
a Home

Pre-Approval letter in-hand and price range determined, buyer is now ready to shop for a home with their real estate agent.

 

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Offer
Written

Property found! Offer terms can be discussed and loan scenarios provided to ensure the buyer has clarity on loan options.

 

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Offer
Accepted

Loan terms finalized, rate locked, and loan disclosures e-signed. Home Inspection completed and earnest money deposited.

 

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Reports
Ordered

Appraisal ordered by lender, charged to buyer’s credit card. Title report and Escrow ordered. Buyer shops for homeoawner’s insurance. Credit monitoring initiated through closing date.

 

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Submit to
Underwriting

Purchase contract, appraisal, title, homeowner’s insurance and loan conditions sent to underwriting for review.

 

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Closing Disclosure

Closing Disclosure is the lender’s estimate of the closing figures. Buyer to esign e-document ASAP, the acknowledgment initiates a three day wait period.

 

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Documents
Prepared

Loan documents delivered to Escrow, and settlement statement prepared. Buyer is contacted by Escrow to schedule signing and provided the final “to the penny” amount of cash due at closing. Verbal Verification of Employment is completed.

 

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Sign
Documents

Typically 2-3 days prior to closing, buyer signs the loan documents with Escrow’s notary and provides funds to Escrow in the form of a cashier’s check or wire.

 

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Final Lender
Review

Signed loan documents returned to lender for review. All  funding conditions are reviewed & cleared for closing.

 

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Closing
Day

Lender wires loan funds to escrow; once received, escrow releases documents to be recorded at the local courthouse. Once  recorded, the transaction is  officially closed!

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Download APM's Road Map to Homeowership

Getting a home loan may feel like an epic journey at times. We have created this simple roadmap to help you navigate the loan process. Get the knowledge you need to make smarter decisions during the home buying process.

 

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