|Whether you’re becoming a homeowner for the first time or you are a repeat buyer, buying a house is a financial and emotional decision that requires the experience and support of a team of reliable professionals. At Pacific Loan Brokers we guide our clients through a streamlined loan process and help you obtain the home of your dreams!
Loan Process – Click Here for a flow chart of the loan process.
The loan process start with taking an application, sending in your supporting documents, lender approval and funding. The chart linked above will show you a detailed diagram of the loan process. We will guide you the whole way and provide the best rate possible that you qualify for based on the home and other factors.
1. Contact Me For A Preapproval!
A pre-approval will tell you the exact loan amount you qualify for, what your monthly payment will look like, and how much you’ll pay in taxes and insurance. With a pre-approval, the loan process will be smoother and your offer will be stronger.
2. Loan Application
Your application will provide a complete picture to loan investors of your assets, debts and what you are buying. It will take into account documents such as pay stubs, proof of income, tax returns, employment history, and information on all debts, assets, and sources for down payments. We will request these documents as applicable for your loan application so that you can be fully prepared.
3. Select Your Loan Program
There is a perfect loan for your unique needs, and we can help you find it. Are you looking for the consistent rates and payments that a fixed rate loan can provide? Do you want the short-term benefits of lower rates that an adjustable rate loan can bring? Our extensive portfolio of loan options means you have more options available to get just what you need.
4. Processing and Underwriting
Your loan has specific investor guidelines that must be met, and an underwriter will review your documents to be sure that you meet them. While an underwriter reviews your file, an appraisal will be ordered on the home. Additional information may be requested and you may have to turn in more documents.
5. Loan Approval
Before your loan is approved, you’ll receive conditional loan approval and a list of closing conditions that need to be met. These conditions can include verification that your employer is current and proof that homeowner’s insurance has been obtained. Once closing conditions have been satisfied, the underwriter issues a clear to close. Congratulations, your loan has been approved!
6. Close the Loan
With an approved loan, you are on the home-stretch towards closing. The lender will send closing documents to the escrow company that draws up paperwork and arranges for signing of documents. Once the documents have been signed and funding conditions have been met, the title is recorded and the process is complete. You are a proud owner of your new home and the keys are yours!