1. Home Loan Application

Contact your lender of choice. You can make application you’re your lender either online, on the phone, or in person. Usually, you will be asked to provide information on things such as income, debt, assets, and liabilities.

2. Assignment of Loan Officer & Information Gathering

Your lender will assign a loan office & they will analyze the information that you have provided. Your credit report will be obtained. Your lender will provide you with a list of documents needed to support the loan approval. Examples of documents needed may be: Purchase Agreement for the home, you are buying, W-2's for the last two years, Tax returns for last two years filed
Last two statements for all bank/stock/retirement accounts that you list on your application, Copy of Driver's License and Social Security Card

3. Loan Sent to Underwriting

The information you provide is then sent to underwriting. Once this is complete, a preapproval can be issued (based on the information provided thus far). This will let you know whether there will be an approval on the loan once an Underwriter reviews the Loan Application.

4. Paperwork

Your lender will send you disclosures to review & sign, which detail the information of your loan. You will need to review the disclosures, sign, and return them to your lender promptly.

5. Loan Is Processed

Loan Information will then be submitted for processing. A Processor pulls reports and gathers information such as transcripts, property tax information, insurance information, etc., and prepares the file to go to an Underwriter to review.
- The Underwriter reviews the file and makes a decision as to whether the loan will be approved or denied.
- The processor then collects any additional information needed, such as an appraisal on the home, any additional conditions issued, etc.

6. Closing Confirmation

Your loan information is send to a closing attorney who will assign a closing coordinator. The Closing Coordinator submits for a Settlement Statement to be generated (this is often referred to as a HUD). Your closing agent will review the Settlement Statement with you and will cover the funds needed to close at this time.

7. Close on Your New Home

A time is set for your closing with your closing agent and/or attorney. You will meet with a Closing Attorney, sign off on final documents, and get your keys. Welcome to your new home!