The Loan Process

1. Prequalification/Interview: The borrower meets with a lender who, through the course of the interview, gathers pertinent information and identifies any additional documentation that will be needed by the lender to obtain loan approval.
2. Verifications: The lender will obtain all documents required, including but not limited to: credit report, appraisal on property, verifications of employment, mortgage or rent obligations, funds to close, landlord ratings, preliminary title report, etc.
3. Loan Submission: The loan package is assembled and submitted to the selected underwriter for approval.
4. Documentation: Supporting documentation is obtained as required. Lender follow-ups on any issues or problems that need resolution and requests any additional information or documentation required.
5. Loan Approval: Official notification of loan approval is made.
6. Documents are Drawn: Loan documents are completed and sent to the title company. The borrowers come in for final signatures.
7. Funding: Lender reviews the loan package for completeness and accuracy. Funds are then transferred.
8. Recording of Documents: The title company records the Deed and Deed of Trust at the County Recorder’s Office and the escrow process is officially closed.
9. DHI Title is not a lender. Process details can vary depending on the lender you choose.