Eight Steps to Finance Property
4. Loan Application
Once you have attained an accepted offer on your purchase, your Lender will walk you through the
Loan application process. There will be a fee for this process of from $300.00 to $400.00. This fee
pays to process the loan application, an appraisal and other related costs.
This is the point in time when you will need all of the documents that we have previously discussed
(and perhaps others). The loan "Originator" (the person taking your loan application) will complete
all of the procedures needed to present your application to an "Underwriter" (the person who works
for the Lender and has the final say for approving your loan). The Underwriters job is to determine
if your loan application meets all of the Lender and Federal agency guidelines and that your loan
is a risk worth taking for the lender.
Financing Steps
- Pre-Qualify Interview
- Housing Budget
- Documents
- Loan Application
- Good Faith Estimate
- Loan Approval
- Clear to Close
- Closing