The Loan Process

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(408) 383-6039

SUE ELLIOT
Mortgage Loan Agent
Santa Clara Valley Morgage
3880 S. Bascom Avenue
Suite 115
San Jose, CA 95124
Office: (831) 429-9126
Cell: (408) 888-9865
Fax: (831) 429-9103
info@sueelliott.com

The Loan Process

Processing a Loan

Applying, qualifying and receiving a loan involves a series of painless steps:

First, you must fill out the application and give your lender requested documents.

The lender will order your credit report and review it along with the documents you supplied and your current income revenue. After this review, the lender will give you an approval on the maximum dollar amount they will consider lending. However, at this point, your loan is not considered approved, but pre-qualified.

Now that you have a house-buying budget, you are able to look for a home that fits within your financial abilities. It also helps with negotiations if you come in with an offer pre-qualified.

Once you find a home and made a purchase offer, your lender will require an appraisal to assess the property value. In addition to reviewing the title documents, your lender will require that you obtain title insurance, which is added on during the escrow process.

Your lender will supply you with a good faith estimate of closing and related costs and an initial truth in lending disclosure. At this time, you may be asked for additional documentation like insurance, etc.

Once the loan documents are drawn, they are sent to the title company and the escrow phase begins. At the close of escrow, you will be called to the title company to sign final documents.

Before your appointment, make sure you bring all the necessary paper work. Check with your loan officer/realtor to make sure you have everything. The documents will be notarized, so bring a form of ID with you. You will also be asked how you want to hold title to your new property. It’s best to check with a tax consultant or other professional to determine which method is best for you.

After the escrow signing, your lender will take one last look at the loan and then fund the loan via wire transfer. The title company records the deed of trust and the note at the county recorder’s office, and closes escrow.

You now have completed the process and are in your new home.

For the kind of service that accomplishes what you want and need to accomplish - with experience and expertise backing it up - and for answers to today's real estate financing questions and opportunities, call today!

"The key consideration for people pondering an ARM is how long they intend to remain in a house. Some popular ARMs carry a fixed rate during their first three, five, seven or ten years, making them a good choice for homeowners who plan to move in a relatively short period. These so-called hybrid ARMs generally aren't a good idea if you plan to stay put. Other ARMs adjust every year or less, making borrowers more vulnerable to short-term swings in interest rates." [Ruth Simon, The Wall Street Journal Sunday]

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