Loan Process

Pre-Qualification

Day 1
An applicant applies online, calls, or meets the loan officer in person and provides income/asset/credit information.

Day 2
Pre-Qualification (issuing of pre-approval certificate) occurs.

Day 3 – 60
In this window, it's already time for the applicant to begin looking at properties and negotiate offers.

A Seller Accepts a Purchase Offer & the Loan Process Officially Starts

Day 1
An offer is accepted and escrow is opened.

Day 5
Appraisal is ordered and escrow information is obtained.

Day 12
Appraisal is received.

Day 15
File is submitted to the underwriter.

Day 20
Underwriter approval is received.

Day 23
Appropriate documents are provided and signed.

Day 27
Buyer deposits rest of funds needed to close transaction.

Day 28
Loan is funded.

Day 30
Loan recording (loan closes).

Note: A 45-day escrow is recommended on all transactions. The extra 15 days allows for any unforeseen problems related to property repairs, appraisal concerns, or seller delay in providing escrow documentation.