The Home Loan Steps

The steps below are an example of a typical home loan process.
Depending on your personal circumstances, there may be more or less steps required.

Step 1

  • Initial loan consultation
  • Bring in income & asset documentation
  • Order credit report
  • Pre-Underwrite loan through automated underwriting systems
  • Pre approval – Underwriter issues loan decision and/or issues $2,500 Security Plus Seller Guarantee*

Step 2

  • Start your home search
  • Receive purchase contract
  • Complete home inspection
  • Order appraisal and title work

Step 3

  • Lock interest rate
  • Receive appraisal and title work
  • Loan Processor reviews file
  • Submit loan package for final underwriting
  • Receive loan approval status
  • Borrower, Realtor® and escrow company notified
  • Order loan documents

Step 4

  • Prepare loan documents and send to escrow
  • Approve Closing HUD-1 statement
  • Sign and return loan documents
  • Set up loan set for funding
  • Fund loan
  • Record loan

Step 5

  • Congratulations! You’re now a homeowner
  • Move in and create memories

Secrets for a smooth loan approval

Keep your home buying process on track with these vital do’s and don’ts.

Do

  • Continue making your mortgage or rent payments
  • Stay current on all existing accounts
  • Keep working at your current employer
  • Keep the same insurance company
  • Continue living at your current residence
  • Continue to use your credit as normal
  • Call us if you have any questions

Don’t

  • Make any major purchase (car, boat, fur, jewelry, furniture, etc.)
  • Apply for any new credit (even if you seem pre-approved)
  • Pay off charges/collections without discussing with us first
  • Close any credit card accounts or change bank accounts
  • Max out or over charge your credit card accounts
  • Start major home improvement projects
  • Finance elective medical procedures
  • Open a new cell phone account