Home Loan Process

Loan Process | 3 Phases

From start to finish, the home loan process involves 3 phases. Each is important.

Pre-approval Phase

The home loan process starts at the pre-approval phase. During pre-approval, borrowers work with their loan officer to find out what loan types they qualify for. Also, this is when they learn what their maximum loan amount is as well as what monthly payments look like for each scenario.

Underwriting Phase

After securing a home to buy, borrower’s enter the underwriting phase. During this part of the loan process the loan moves from pre-approval to final approval and being ready to close.

Your loan officer requests updated income/asset documents from you. They also send you an initial disclosure package for signatures during this phase. Desired and/or required home inspections and appraisals are also completed during this time. At the end of the underwriting phase your loan is approved and ready to head into the final Phase – Closing.

Closing Phase

During this final phase the finish line is in sight. The closing phase starts when your loan officer orders your final loan document package with their closing department. Ultimately, this phase ends with your loan funding.