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.