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The Loan Process:
1. Complete your loan application
2. Our review
Once we have your complete application, we then
answer any questions you may have, as well as
provide a "Documentation Checklist " to you,
which will detail all of the information we will
need from you to complete the process in a
timely fashion.
3. Organize your loan documents
The " Documentation Checklist " we provide to
you will detail everything we will need from you
based on the type of loan you are applying for (
ie: purchase or refinance ). It is recommended
that you either fax this information to us
directly to 530.267.5555 or overnight these
items to us to avoid any unnecessary delays.
4. Obtain loan approval
Once we have determined your loan file is
complete, all information received has been
determined to be accurate and correct we will
then order the appraisal of your property. For
purchases the appraiser will contact the selling
agent for entrance to the property and for
refinances the appraiser will contact the owner
to schedule a day and time convenient for all
involved.
NOTE: The appraisal fee is due at the time of
service and payable directly to the appraisal
company completing this service. You will be
notified as to the amount of the appraisal fee
prior to the appraiser going out to your home.
Once your home appraisal is completed and sent
to our office, we will then submit your
completed loan package to our investor for final
loan approval. This process normally takes 2-4
days ~
5. Funding your loan
After your loan is approved, you will be
required to sign the final loan documents. The
escrow company designated to handle your
transaction will contact you directly to
complete this final step.
For home purchases...You will be required to
bring in a " cashiers check " for the remaining
down payment as well as any closing costs on the
transaction. Personal checks are not normally
accepted. The escrow company handling your
transaction will instruct you as to the amount
of the check and how it is to made out. Once
your loan documents are signed and returned to
the investor your loan will typically fund
within 24-48 hours of receipt.
For refinances, home equity loans / or second
mortgage transactions...Federal law requires
that you have 3 days after signing to review
your loan closing documents before the loan
transaction can fund.
This 3-day provision (Right of Recession) is in
force for your protection to insure you are
getting the loan at the terms agreed upon. Once
the recession is up, you loan generally funds
immediately following ~
To improve your chances of obtaining a loan
approval without unnecessary delays:
> Fill out the loan application completely
> Respond promptly to any requests for
additional documents. This is most critical if
your rate has already been locked in for both
purchases and refinances.
> Do not make any major purchases, until which
time your loan is completed from start to
finish. This includes buying a car, furniture or
establishing any new credit card accounts, store
charges etc...This could have an adverse affect
on getting the loan you want ~
> Do not move money around in your bank accounts
" unless " it can be traced. If you are
receiving money as a gift from friends or
relatives, it is important that you contact us
on the proper way to document these funds.
> Make yourself readily available particularly
around the closing date. If you plan or it
becomes necessary for any reason to be out of
town when your loan is scheduled to close, you
may want to sign a " power of attorney " to
authorize a designated individual to sign on
your behalf.
> Communication is key...Keep all lines of
communication open with your loan officer and
loan processor as this will be most beneficial
to you ! |
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