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.
A Millennial’s Guide to Buying a Home in 2018
June 26, 2019
2018 is a Fantastic Year for the First-Time Home Buyer to Purchase a HomeRead the full story
2018 Conforming Loan Limits and Why Elastic Waistband Pants Should be in Your Closet
June 26, 2019
If you were home shopping this past summer and everything was too expensive for you to qualify for using a conforming loan – contact your…Read the full story
A Positive Review of Reverse Mortgages & Why You Shouldn’t Pay Attention to Movie Reviews from Your Sister
June 26, 2019
Have you ever really wanted to see a movie, but your sister told you to avoid it? She said it was horrible, boring and not…Read the full story
Contact Lori Espinosa
Start Your Application
Fill out the information below to get started.
Have a Question?
Ask one of our expert loan officers.
To Speak With a System Built Financing Specialist
Email email@example.com, or complete the form below.