STAGES OF THE LOAN PROCESS

Dated: April 11 2018

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STAGE 1: PRE-QUALIFICATION

-Buyer contacts loan officer for financing information

-Loan Officer performs a thorough assessment of buyer's financial picture

-Buyer starts looking for new home

STAGE 2: LOAN PREPARATION

-With that aid of the Loan Officer, the buyer completes the loan application and provides missing documentation

-Buyer makes offer on selected home

STAGE 3: PROCESSING

-Processor orders appraisal, title work and other services

-Processor evaluates the loan file and requests any missing items

-Processor creates a loan submission package and sends to undewriting

STAGE 4: UNDERWRITING

-Underwriter evaluates the credit, income and assets documentation to determine if the file meets the guidelines

-Underwriter requests additional documentation from processing, if necessary

-Underwriter renders final approval

STAGE 5: PRE-CLOSING

-Closing date and time is scheduled by the settlement agent

-Buyer receives initial closing disclosure outlining loan details and closing costs

-Closer prepares closing package and send to settlement agent

STAGE 6: CLOSING

-Settlement Agent explains all closing documents to the buyer

-Buyer signs all necessary documents to complete the closing

-Closing funds are paid via cashier's check, draft or wire

-Deed transfers title to the buyer, congratulations on your new home!

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Bevia Patrick

Since its inception in 1995, Patrick Team Properties has exemplified a profound commitment to its clients by providing the highest standard of service, integrity and work ethic in the field. Patri....

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