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1. Loan Application
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| Use our online
application to begin the process. If you
prefer to apply in person, please call (503-310-4266)
and make an appointment. |
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2. Loan Processing
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| Once your loan application
is complete, I will verify documentation such
as bank statements and pay stubs with information
submitted on the loan application. Processing
also involves getting a verbal verification
of employment, ordering credit reports, and
obtaining an appraisal report on your new
property. If your loan needs to be updated
prior to final approval and closing, I can
also assist with this task. |
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3. Preliminary Loan Approval
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| Your preliminary approval
will be based on information submitted at
the time of your application and can be affected
by changes in job status, credit, income,
and assets. Please contact
me if you have specific questions about
timeline requirements for loan approvals.
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4. Construction of Your New Home
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| If you are buying a newly
constructed home, there will likely be a period
of time while you are waiting for your home
to be completed. |
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5. Final Loan Approval
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Once a closing date is targeted,
your loan will be reviewed and submitted to
an underwriter for Final Loan Approval. You
may be required to update your financial information
including new bank statements, copies of recent
pay stubs, and an updated credit report.
This step also includes ordering an appraisal
and final inspection. You can assist by providing
requested information in a timely manner and
by keeping changes in your financial status
and employment at a minimum from the time
of your preliminary approval. |
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6. Pre-Closing Requirements
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In addition to Final Loan Approval, you will need to
complete the following items prior to your
closing and final settlement date:
- Interest Rate Lock: Please ask about
the different options offered for locking
down your interested rate.
- Homeowners Insurance Policy: Another requirement
is that you must provide a Homeowners
Insurance Policy before closing.
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Final Loan Conditions: You will need to provide
any outstanding documents or closing conditions
from your Final Loan Approval. (Check with
you lender.)
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7. Final Settlement and Closing on Your New Home
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| At closing you will sign
all legal documents related to your home purchase
and loan transaction. Prior to funding your
loan, the title company will notify you about
the amount of money that you need to provide
in certified funds or casher's check. Once
all documents are complete and state requirements
have been met, your loan will be funded! |
