Lori EspinosaACE Program Administrator at the ACE Branch
The Loan Process
Whether you’re ready to buy today, or just starting to think about a home purchase, this guide will give you the tools, knowledge, and resources to make your experience as enjoyable as possible. If you need additional assistance, or want to apply, find your local loan officer and connect today.
The lender gathers information about the borrower’s income and debts and makes a determination about how much home the borrower might be able to afford. Different loan programs may allow for different values, so it is important to obtain a pre-qualification for each type of program that is suitable.Get Pre-Qualified
Various fees and down payments are discussed and the borrower will receive a Good Faith Estimate (GFE) and a Truth-In-Lending (TIL) statement within three days, which itemizes the rates and associated costs for the loan.Apply Now
The processor reviews the borrower’s credit reports and verifies his or her debts and payment histories as the VODs and VOEs are returned. Should there be any unacceptable late payments, collections for judgments, etc., a written explanation will be needed from the borrower. The processor also reviews the appraisal, survey and looks for property issues that may require further review.
The underwriter is responsible for determining whether the combined loan package passed over by the processor is an acceptable loan. At this time if more information is needed, the loan is put into “suspense” and the borrower is contacted to supply additional documentation.See Suggested Documents
During this time the title insurance is ordered, all required approval contingencies are met, and a closing time is scheduled for 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 the title to the property. This is the point at which the borrower finishes the loan process and actually buys the house.
Visit our Mortgage Hub to find the right loan for you. Whether you're looking to buy your first home, refinance, or seeking additional resources, we have an option for you.Visit Mortgage Hub
One of the benefits to being backed by Land Home Financial Services is that I have access to industry-leading tools and information, as well as resources for my clients.
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Land Home Financial Services, Inc.ACE Branch 7901 Stoneridge Drive Suite 117 Pleasanton, CA 94588
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