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Application Processing
During the Loan processing, Sue Baxter will insure that all required documentation has been obtained and all conditions stated in the preliminary approval letter have been met. The time required to "process" the loan is largely up to the applicant and your ability to provide all required documentation in a timely manner.
Upon receipt of your application by Sue Baxter, the following information will be forwarded to your immediate attention:
- Mortgage disclosure documents
- Good faith estimate of settlement costs: a disclosure of all fees and charges associated with processing and getting your loan. Some costs will be only estimates, such as third party fees (homeowners insurance, title insurance, etc.)
- Federal Truth-in-Lending Disclosure: a disclosure which describes your loan in detail including interest rate, APR, any adjustable feature that apply, and the length of the loan.
- Mortgage Program Disclosure and other documents pertinent to your mortgage application and processing.
- Property Appraisal - depending on the State your property is located, you will either be instructed to obtain an approved appraisal of your property or we will hire the appraiser and have him/her contact you. An appointment with you or your Realtor will be required to perform a physical inspection of the property. The appraiser will prepare a written report after examining your property and make an appraisal based on what other similar properties have sold for within the last 6-months to determine "fair market value".
- Licensed Title Agent: you will need to engaged the services of a title agent to perform the settlement and escrow process, as well as prepare a Title Report to determine who owns the property and what liens may be on it that require payment prior to the sale.
All of these documents and disclosures must be examined by you, signed, and returned to Sue Baxter for further processing. Once the appraisal, credit reports, disclosures and documentations are received by Sue Baxter, your loan will be prepared for final approval.
You are encouraged to contact Sue Baxter throughout this process to insure that you understand exactly what is required and what disclosures and verifications must be received. This is the lengthiest part of the entire process and is largely based on your ability to timely provide the required documentations.
If you have any questions related to Step #6 or any other aspect of the loan process, please contact us. Our loan consultants are here to answer your questions, whether they be general, specific, or because your confused. Because at Sue Baxter that's what we do best: we add a personal touch to the impersonal electronic age.
Continue on to Step #7
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