~ Suze Orman
Loan Process:
- Appraisal is ordered: Conventional loans normally take one to two weeks.
- Credit Report is Ordered: This is ordered from a reputable credit reporting agency online and we can get it the same day.
- Employment Verifications are Sent: All employment(s) must be verified for a minimum of the past two years, in writing, by present (and past) employer(s).
- Deposit Verifications are Sent: All bank accounts and bank loans must be verified by the bank(s) to determine that the applicant has sufficient funds to close the sale, and also has an acceptable credit rating with the bank(s).
- Property Location: This is checked on the area flood control maps to determine if flood insurance will be required.
When all of the above items are cleared by the loan processor, the applicant (and co-applicant) may be requested to come to our office for completion, approval and signing of the application. Please remember that both the applicant and the co-applicant, when there are to be co-mortgagors, must sign the application. The loan application package is now ready for submission to a conventional investor. While the loan is being processed, the lender will order the Title Policy Commitment and property survey for the loan closing. Commitment letters, as required, are completed and sent.
All of the above items must be received and approved by the closer prior to the date of closing, and with sufficient time for the closer to prepare the closing figures, closing statement, and other closing documents.
When the loan fulfills all the guidelines and all conditions are met, "the loan is clear to close". We arrange the best convenient day and place for the buyer, seller and their attorneys and we set up the final closing date.
(F)516-358-2700
