Pre-qualifying for a loan makes you an appealing buyer in the eyes of the seller. Pre-qualification approves you for up to a certain mortgage amount, even before you look at your first property. Once you do start looking, you won't waste time looking at properties you won't be qualified for and you'll be in a strong position to make a successful offer as soon as you find something you like.

Taking the time to pre-qualify for a mortgage before you begin your search will put you in a much better negotiating position. Pre-qualification and even better pre-approval assures the seller the transaction will not be delayed while you secure financing.

After the application is completed, the application is input into an automatic underwriting system. This is an automated financial evaluation program that analyzes the data from the loan application of the borrower. This process evaluates the borrower's financial picture and makes a credit decision. In conjunction with this review, there will be a request to run a credit report.

Once you have selected the type of loan that works best for your situation, you will need to complete a loan application, which will require both personal and financial information depending upon the type of loan requested. Once all of the necessary documentation has been acquired, the loan package is submitted to the underwriter for final approval. The final loan package includes the contract on the property, the property appraisal, preliminary title reports and any conditions identified in earlier processing.

The underwriter reviews the contract, property appraisal and preliminary title reports and validates the conditions from the automated underwriting process. Assuming all criteria are met, the loan is approved and/or other conditions may be requested as terms of funding.

The mortgage broker will discuss the loan programs available to you in conjunction with discussing the final loan approval and conditions. You may wish to or need to review other loan programs depending upon the approval conditions attached. A final loan program decision is reached and the request for rate lock may be made.

After the loan approval, the loan documents are completed and sent to the title company. The escrow officer calls the borrowers to come in when the papers are ready for final signature. As an alternative, many clients elect to use a Certified Notary Signing Agent who will bring these papers to your office or home for signing and return them.

Once all the parties have signed the loan documents, they are returned to the lender, who reviews the package. If all of the forms have been properly executed, the funds are then transferred. At closing, the borrower must present a cashier's check or arrange for a wire transfer of funds directly to the title company for the required closing costs and payments. Also, funding conditions must be submitted and satisfactorily met at this time.

When the title company receives the funding check from the lender, the title company makes the lender's security for the loan a matter of public record. This is done by recording both the note and deed of trust at the County Recorder's office. Escrow is now officially closed and you are now a happy property owner.

For further details concerning the funding process and the types of loans available in the industry today, contact Bill today.

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