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Loan
Process |
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Below
is a sample of the loan process timeline. Loan times may vary depending
on the lender and your specific deal. |
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KEYSTONE
DIVISIONS
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Pre-Purchase
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(occurs
before the loan process begins) |
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Buyer
and Real Estate Agent search for a property. When a property is
found,
the buyer puts an offer on it. If the offer is accepted, then a
contract is signed.
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Application
(Day 1-5)
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The
buyer (now called the "borrower") completes a mortgage loan
application with the lender. During this time the lender will also
ask for other documentation that will be required from your specific
deal. Within 3 days of application the lender should provide a truth-in-lending
statement that will detail the loan costs. |
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Opening
the file (Day 3-10) |
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Lender
orders an appraisal, credit reports, and verifications (deposit, employment,
and mortgage) and awaits their return. |
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MARKET
INDICES
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Processing
(Day 5-25) |
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Processor
reviews all ordered documents for any potential problems |
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Lender
Underwriting (Day 15-25) |
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Underwriter
reviews the loan package and decides wether or not to approve the
loan. If the lender decides more information is required, the loan
is put into suspense and the information is requested from the borrower. |
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INFORMATIVE
SITES
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*
It is very important that the borrower respond immediately to requests
for additional information. If not, the borrower risks delay's and
a possible loss of locked interest rate |
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Pre-closing
(Day 17-27) |
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Once
the loan is approved, approval contingencies are met and the closing
is scheduled. |
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Closing
(Day 25-45) |
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On
closing day the the borrower signs the loan documents and obtain his
or her loan proceeds and presents a certified check to cover the balance
of the down payment and closing costs. The loan closes and the borrower
moves into their new house. |
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