Loan Process

8 Steps to a home

Premier Nationwide Lending feels the homebuying process should be transparent and stress free. Below you will see the 8 step loan process you will encounter when buying a home. If you have any questions concerning the home loan process, please contact your Premier Home Mortgage Loan Expert who is on standby ready to assist you with your home mortgage needs.

Eight steps to a home.

1. Pre-qualification Pre-qualification is usually the first step after initial contact is made to the lender. When pre-qualifying a borrower, the lender gathers information about the income and debts of the borrower and makes a financial determination about how much house the borrower may be able to afford. Wondering about your credit?

2. Application The application is actually the beginning of the loan process and usually occurs between days one and five of the loan. The borrower completes a mortgage application with the loan officer and supplies all of the required documentation for processing. Various fees and down payments are discussed at this time and the borrower will receive a Loan Estimate, which itemizes the rates and associated costs for obtaining the loan.

3. Opening the File This occurs between days 3 and 10. At this time the lender orders a property appraisal, title insurance, property survey, and credit reports, mails out requests for verifications, such as employment, bank deposits, rent, and any other documents needed for processing the loan. All information supplied by the borrower is reviewed at this time and a list of items not yet received is compiled.

4. Processing Processing occurs between days 5 and 25 of the loan. The processor reviews the credit reports and verifies the borrower’s debts and payment histories as the VODs and VOEs are returned. If there are unacceptable late payments, collections for judgment, etc., a written explanation will be required from the borrower. The processor also reviews the appraisal, survey, and checks for property issues that may require further discernment. The processor’s job is to put together an entire package that may be underwritten by the lender.

5. Underwriting Lender underwriting occurs between days 15 and 25. The underwriter is responsible for determining whether the combined package received by the processor is deemed as an acceptable loan. If more information is needed, the loan is “suspended” and the borrower is contacted to supply more documentation.

6. Pre-Closing Pre-Closing occurs between days 20 and 30. The file has come out of underwriting and all conditions are being cleared. Once this has been achieved, a closing time is scheduled.

7. Closing Closing usually occurs between days 20 and 30 of the loan. At the closing, the lender funds the loan with a cashier’s check, draft, or wire to the selling party in exchange for title to the property. This is the point at which the borrower finishes the loan process and actually buys the house.

8. Move in!

Residential Mortgage Loan Originators

Jeremy has been involved in the real estate finance industry for over 15 years. He graduated from University of North Texas where he studied Real Estate Finance. As a loan originator he has helped hundreds of first time buyers, move up buyers and investor clients while keeping customer service at the forefront of his business model. Jeremy enjoys real estate investing, traveling and spending time with his family.


Loan Center

Checklist

What you will need to ensure a smooth home mortgage process.

Loan Options

There are several loan options available when purchasing a home.

Down Payment Assistance

Find out more about special programs and who qualifies.

Calculator

Wondering how much you can finance?

Testimonials

When representing your clients you need partners in the business that our professional, deliver what they commit to, handle the challenges and creates a win that everyone wins. Premier National Bank exceeds our clients expectations on all levels. The best of the best!

Lori L. - Keller Williams Dallas Metro North

I have worked for many years with both Jeremy and Amanda and recommend them highly. They are professional and fully knowledgeable about all the mortgage programs. They are friendly, easy to work with and caring. They also deliver loans for on time closings. They are the team to call with all your mortgage needs.

Cathy M. - Lawyers Title, Sr. Vice President/Branch Manager

Connect with us: facebook