Home Loan Process
Processing Your Loan
After you have provided the financial information requested by the Loan Officer, the loan will be processed and the other information will be compiled, including (if necessary):
- An appraisal from an independent appraisal service
- A preliminary title report from a title insurance company
- Payoff quotes for loans to be paid off
- Other third party documentation required to clear title
- A complete credit report to verify balances owing and monthly payments
Once the appraisal and title reports are received, the loan is given final approval, a formality in most cases. If there is a problem at this stage your loan officer will contact you to resolve it. The loan is then prepared for closing and sent to the settlement escrow agent.
