Below is a brief overview of the loan application process
PRE-QUALIFIED VERSUS PRE-APPROVED
Let the sellers know that you are serious when your agent presents an offer on their home.
A pre-qualification doesn’t usually require that the lenders review all documentation pertinent to the transaction including your assets and credit profile.
A pre-approval requires that the lender reviews your documentation and provides a higher degree of confidence that your transaction will close. Your Loan Officer will also counsel you on what you should and should not do to change your credit qualifying status.
SELECT A REAL ESTATE AGENT
Realtors ® that work with Broadview know the buyer is ready to seriously start looking for the ideal home or investment property. Once your loan is pre-approved ask your Loan Officer to help you find the right agent.
THE LOAN PROCESS ONCE YOUR OFFER HAS BEEN ACCEPTED
The Loan Officer and Loan Processor will begin making requests for documentation. We’ll need the fully executed purchase contract as soon as possible, the contract has deadlines that you and Broadview must be prepared to meet. Federal and State disclosures will be sent for you to review and sign.
THE APPRAISAL WILL BE ORDERED
Verifications will be made with employers to verify when you started employment with your employer, how much you are paid, what your title is, and probability of continued employment.
It is important to let your employer know we will do this several times during the loan process.
Verifications will be made with banking institutions to verify your funds to close.
If you are getting a gift of funds to buy your home your Loan Officer will provide you the documentation you’ll need to verify the gift. In order to use these funds they must be properly documented.
Be sure to let the Loan Officer or Loan Processor know if any terms of the gift will change.
Escrow will send Broadview Escrow Instructions to let us know the closing date. They also hold your deposit. The title company will send us the Title policy. The Title policy identifies the type of property, the legal description, tax ID number and any liens or legal items against the property.
Appraisal contingency will be released once the appraisal is in, reviewed and accepted.
Once the Appraisal comes in, it’s time to submit your loan request for approval to Underwriting.
Underwriting validates your loan request against the guidelines for the type of loan selected. Typically underwriting might ask for updated documentation to be provided before closing documents can be drawn, or before closing.
Be sure to send these items to the Loan Processor or Loan Officer right away.
Once your loan is approved closing loan documents will be drawn. Usually you’ll sign documents with Escrow. Once the documents are returned our closing/funding department will make sure that all the documents are signed. They will also make sure all the documentation requested by underwriting has been received and approved. Once everything is in, we are ready to close your loan.