"My little children, let us not love in word, neither in tongue; but in deed and in truth."
1 John 3:18
Welcome to your Christian Community Mortgage Resource Network
The Mortgage Loan Process
Following are the basic steps taken for you in the mortgage loan
process:
Step 1: Application is Taken At the initial interview, every effort is made to obtain from you the
documentation necessary to help avoid any problems and delays.
Step 2: Documentation is Ordered Following the application, a request goes out for a credit report,
property appraisal, verifications of employment and deposits, mortgage
history or landlord rating and any other supporting documentation that
is needed.
Step 3: Documentation is Reviewed Upon receipt of the documentation, a review is made for any problems
that may arise and to see if any additional items are needed. Current
programs are reviewed to assure the best rate and terms for your loan.
Step 4: Loan is Submitted When all documentation is received and reviewed, your loan package is
submitted to the underwriter for approval.
Step 5: Loan is Approved You are notified of the approval. In the case of any loan conditions or
additional requirements, these must be received prior to the loan closing.
Step 6: Documents are Drawn The loan documents are completed and sent to the title company.
When the papers are ready for signature(s), the closer (escrow officer
in most states) calls the borrower(s) to advise how much money will be
needed to close the loan, (if any), and arrange for a meeting to sign
papers.
Step 7: Funding is Issued After you have signed the loan documents, the documents are returned
to the lender. Once the lender reviews the package and determines that
all the forms have been properly executed, the check or bank wire is
issued to fund the loan.
Step 8: Closing is “Closed” The lender sends the check to the title or escrow company. The title
company then records the deed of trust at the County Recorder's
Office. This officially ends the closing process.
