Complete Loan Process for Purchase
Stage 1. GETTING PRE-APPROVED
The pre-approval process allows us to provide you with estimates on
how much you can borrow as well as what your monthly payments will be for your new home.
Send in your income and asset documentation so that a One True Loan
mortgage advisor may provide you with a pre-approval letter.
Click Here to download the Document Checklist, Loan Questionnaire, & 1003 Uniform Residential Loan Application.
Stage 2. HOME SEARCHING
After receiving your pre-approval letter, you can begin searching for your new home.
Having a pre-approved letter is important during the home searching process because it shows your buying power to the sellers.
At this point, a realtor would be handy when viewing home listings.
If you do not have a realtor yet, please let us know and we will refer you to a realtor that can get the job done.
Otherwise, provide us with your realtor's contact information and we'll help coordinate the process to ensure that you get the property you want.
Stage 3. PURCHASE OFFERS
Once you find your ideal home, your agent will assist you in the process of placing offer on those homes.
This can be a lengthy process in itself due to counter proposals and renegotiations of your offers.
When your offer is accepted, your purchase contact is then signed by all parties.
Escrow will be opened for your purchase contract and your earnest money deposit is placed into the escrow account.
Stage 4. DOCUMENT SUBMISSION
The loan process begins once escrow is opened for your home.
Your mortgage advisor will need a copy of the fully executed purchase contract along with any other documentation that may be missing.
Contact information for the title and escrow company representatives will be needed as well.
Stage 5. SUBMISSION TO UNDERWRITING
Your loan will be submitted to the bank for underwriting.
All of your documents will be securely uploaded and reviewed by the underwriter.
Stage 6. CONDITIONAL APPROVAL
Upon completion of their review, the underwriter will issue your loan a conditional approval.
Your mortgage advisor will assist you in the process of obtaining a full approval by satisfying underwriting conditions.
Stage 7. CLEARED TO CLOSE
Loan documents are drawn and reviewed to ensure that all fees and terms are correct.
Reservations will be made with a notary for you to sign your loan documents.
Refinances have three days right of rescission, a period in which you are able to cancel your loan.
The rescission period begins the following day after you sign your loan documents.
Stage 8. LOAN FUNDING
Signed documents are sent back to the lender for final review.
The signed documents will be checked for correct dates as well as consistency in signatures.
Once the signed documents are approved and the three day right of rescission ends,
the bank will wire the funds to the escrow company. Your loan has officially funded.
Stage 9. CLOSE OF SALE
Once the escrow company receives funds from the bank, the title company will record your deed with the county.
Upon successful recording of your deed, you will receive the keys to your new home.