Step by Step Process

Getting a loan is a 3-way communication between you, your mortgage broker (us), and the lender. See below for a detailed breakdown of the steps involved in getting your loan.

Prequalification

  • Yousend in essential documents so we can determine how much you can qualify for
  • Together we determine a suitable loan program and loan structure
  • Weissue pre-approval to your realtor and you (can take as short as 24-48 hours depending on complexity of your scenario)

Submission

  • Welock in the interest rate with your consent
  • Lender uses the interest rate to issue a loan estimate (LE) within 3 days with a breakdown of estimated closing costs
  • Yousign and acknowledge the LE (required by government for us to move forward)
  • Weorder the appraisal and prepare the application package and disclosures for you to sign
  • Yousign loan application and disclosures
  • Wesubmit your loan to the lender

Loan Approval

  • Lender issues conditional loan approval with a list of conditions to be fulfilled
  • Wereview the conditions with you
  • Youprovide all requested conditions within 24-48 hours, and have a conversation with your realtor about contingencies
  • Youget a quote for homeowner’s insurance and send the declaration page to us
  • The lender issues a closing disclosure (CD) similar to the LE for you to review closing costs
  • Yousign and acknowledge the CD.  This starts a three-day waiting period before final loan documents can be signed.

Conditions Cleared

  • Lender will review and sign-off conditions in a few days (note: lender may counter with further conditions upon review)
  • Once all conditions are cleared, a final loan approval is released

Sign Loan Documents

  • Lender sends loan documents to the title/escrow company, and title/escrow prepares loan documents for signing
  • Wereview the estimated closing statement & note with you and make sure all numbers are correct before signing
  • Title/escrow company sets up signing appointment with you
  • Yousign the legal documents at the title/escrow appointment

Funding and Recording

  • Lender may request funding conditions
  • Yousend in funding conditions (if any), and wire the down payment to the title/escrow company
  • Lender funds the loan, and title/escrow records the loan next day

Congratulations!!

Prequalification

  • Initial phone conversation to understand your goal and purpose of refinancing
  • Yousend in requested documentation
  • Wereview and confirm your qualifications
  • Together we determine a suitable loan program and loan structure

Submission

  • Welock in the interest rate with your consent
  • Lender uses the interest rate to issue a loan estimate (LE) within 3 days with a breakdown of estimated closing costs
  • Yousign and acknowledge the LE (required by government for us to move forward)
    **Appraisal is one of the most consuming steps in refinance. Please sign the LE as soon as you receive it.
  • Weorder the appraisal and prepare the application package and disclosures for you to sign
  • Yousign back loan application and disclosures
  • Wesubmit your loan to the lender

Loan Approval

  • Lender issues conditional loan approval with a list of conditions to be fulfilled
  • Wereview the conditions with you
  • Youprovide all requested conditions within 24-48 hours, and have a conversation with your realtor about removing contingencies
  • The lender issues a closing disclosure (CD) similar to the LE for you to review closing costs
  • Yousign and acknowledge the CD.  This starts a three-day waiting period before final loan documents can be signed.
    **CD is another critical step. The 3 days mandatory waiting is usually the bottleneck for refinance. Please sign the CD upon receipt

Conditions Cleared

  • Lender will review and sign-off conditions in a few days (note: lender may counter with further conditions upon review)
  • Once all conditions are cleared, a final loan approval is released

Sign Loan Documents

  • Lender sends loan documents to the title/escrow company, and title/escrow prepares loan documents for signing
  • Wereview the estimated closing statement & note with you and make sure all numbers are correct before signing
  • Title/escrow company sets up signing appointment with you
  • Yousign the legal documents at the title/escrow appointment

Funding and Recording

  • Lender may request funding conditions
  • Yousend in funding conditions (if any), and wire funds to title/escrow company (if applicable)
  • Lender funds the loan, and title/escrow records the loan next day
    **If subject property is your primary home, there is another mandatory 3 days recession period before the loan can be funded

Congratulations!!