How
to buy a home
From
application to closing, how our local sales team works for you!
- Real Estate Agent
- Select Home
- Loan Officer
- Collects
all Pre-approval loan application information from borrower(s) Loan
Applications
- Processor
- Title
- Appraisal
- Credit Application
- Employment
Verification
- Deposit Verification
- Set Up Escrow
- Flood Determination
- Loan Committee
- Underwriting
- Loan Approval
- FHA
- Underwriting Loan
Approval
- VA
- Underwriting
- Loan
Approval
- Processor
- Clear Conditions
- Request Document
Preparation
- Escrow Officer or
Closer
- Set Closing Date
- Order Payoff
Statements
- Clear Title
- Prepare Closing
Statements
- Set up Appointments
with Parties to Execute
- Documents
- Record Documents
- Disburse Funds
Definitions
APPRAISAL: An
estimate and opinion of the value of real property based on the analysis
of facts. Facts are derived from comparisons and market conditions, etc.
CONDITIONS:
Restrictions on loan or property which must be corrected or completed
before loan can be closed.
CREDIT RATING:
The rating of an individual as a credit risk, based on past record of debt
repayment history, financial status, etc.
ESCROW: A
deposit of documents, funds and instructions with a neutral third party to
carry out the provisions of an agreement of contract.
PAYOFF: Letter
stating requirements and amounts necessary to clear STATEMENT: underlying
loan.
TITLE INSURANCE:
Insurance policy written to protect a property owner or lender against
loss if title is defective.
TITLE REPORT: A
preliminary report disclosing condition of title on real property issued
prior to Title Insurance Policy.
UNDERWRITING:
Analyzing the risk and matching it to the appropriate loan program, loan
amount, rate and term.
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