Minnesota and Wisconsin's Home Finance Specialist

Home
Mortgage Calculator
The Process
Terms
FAQ
Testimonials
Contact Us

Local: 651-388-5150
Cell: 651-208-4168
2000 Old West Main
3rd Floor
Pottery Place
Red Wing, MN

Processing a Loan

Applying, qualifying and receiving a loan involves a series of painless steps:

First, you must fill out the application and give your lender requested documents.

The lender will order your credit report and review it along with the documents you supplied and your current income revenue. After this review, the lender will give you an approval on the maximum dollar amount they will consider lending. However, at this point, your loan is not considered approved, but pre-qualified.

Now that you have a house-buying budget, you are able to look for a home that fits within your financial abilities. It also helps with negotiations if you come in with an offer pre-qualified.

Once you find a home and made a purchase offer, your lender will require an appraisal to assess the property value. In addition to reviewing the title documents, your lender will require that you obtain title insurance, which is added on during the closing process.

Your lender will supply you with a good faith estimate of closing and related costs and an initial truth in lending disclosure. At this time, you may be asked for additional documentation like insurance, etc.

Once the loan documents are drawn, they are sent to the title company and the closing phase begins. At the close, you will be called to the title company to sign final documents.

Before your appointment, make sure you bring all the necessary paper work. Check with your loan officer/realtor to make sure you have everything. The documents will be notarized, so bring a form of ID with you. You will also be asked how you want to hold title to your new property. It’s best to check with a tax consultant or other professional to determine which method is best for you.

After the closing, your lender will take one last look at the loan and then fund the loan via wire transfer. The title company records the deed of trust and the note at the county recorder’s office, and closes the loan.

You now have completed the process and are in your new home.


This site designed and hosted by
Plum Creek Associates