typical transaction requires financing, which requires applications and
approvals, which require paperwork, which ultimately require your
cooperation and organization! The process from beginning to end should
follow the pattern below.
A Loan Officer will
meet with you to discuss your current situation and you will be asked
to provide certain documentation, such as Bank Statements, W-2's if you
are a salaried employee or tax returns if you are self-employed,
drivers license, social security number, and authorization for your
credit report to be obtained. You will review your goals and go over
the loan programs that may be available to you.
your application is complete, a loan package is submitted to an
underwriter for approval. At loan approval, you may be asked to provide
additional documentation to satisfy the Lender requirements prior to
documents being drawn and sent for signatures.
are prepared and sent to the Escrow/Title company. You will review the
documents to verify that the terms and rates you were promised are
present, and after verification you will sign the documents. The
Escrow/Title company sends the documents back to the Lender. Once the
Lender has approved of the final package, funds are wired to the
Escrow/Title company in order for the escrow to close.
time for actual transfer of the property varies from state to state.
Some states close the escrow and transfer the property upon receipt of
funds from the lender, while in other states the Deed must be recorded
at the proper government agency in order for the property to transfer.