Step - By - Step of the Loan Process
Previously, we talked about the step-by-step process of the preapproval process. However, what happens after you’re preapproved? All the answers you need are below!
After you’ve been preapproved you and your Realtor can really dive into the home search.
Once you’ve found the home you want to purchase, you and your Realtor will write an offer for that property.
If the offer is accepted by the seller, it’s time for us to get to work!
a. If the offer is not accepted – keep searching until you get a home you want and receive an accepted offer on.
Your Realtor will send the contract over to The Pisano Team and we will enter all the contract details and contacts into your loan file.
We will reach out to you to congratulate you on an awesome victory as well as give you an updated list of items needed, depending on the amount of time that has lapsed since we first gathered documents. We will also lock the interest rate and have you E-sign initial disclosures and send your file to officially begin the loan process!
Once the loan begins the process the first steps are to order title, appraisal, home insurance & condo docs (if needed).
a. You will also need to look into purchasing a homeowners insurance policy for your home to be and provide us with their information.
Next the loan will undergo processing & underwriting. In these steps, we are ensuring that the file has the correct documentation and follows agency guidelines.
While the loan is undergoing processing and underwriting our initial order reports should be returned to us from the title company and appraiser. We will review all reports on the property once received and make loan adjustments & coordinate repairs, if necessary.
After the loan is finished with underwriting, the Underwriter approves the loan. We will collect any final documents needed, and we will coordinate with the title company to schedule your closing!
Lastly, we will review your final closing disclosure (CD) with you and answer any questions you may have prior to your official closing appointment!
We sincerely hope that this step-by-step guide of what to expect after the preapproval process helps alleviate any unwanted stress regarding the loan process. While it is a lot of information, rest assured that The Pisano Team will be at your side through every single step communicating, educating, and answering any questions you might have.