The Loan Process
Today we're going to talk about the loan process and everything you need to do in order to get a home loan.
What Is The Loan Process?
When it comes to the loan process, it is a pretty simple process if you do it 150 times per month like we do. Here are the four steps that you need to be aware of:
- Approved with Conditions
- Clear to Close
So let's start with prequalification and what that consists of. At Fairway 365 we do everything we can to make the entire process as simple as possible. We have a website you can go to at https://www.FairwayTX.com. You can simply click on the apply now button and do an application. It's super cool, and it's super easy. We have a cell phone app if you'd like to do it on your cell phone, it takes five to seven minutes to get the information put in. Shoot us a text message, we'll get it to you right away. So once you give us your information, that's all verbal.
We just need to know where you work, how long you've worked there, your assets, your income, that sort of thing. We're going to pull credit, we're going to get you qualified for the loan product that you qualify for and that best fits your needs. Once we get you pre qualified, we'll send you a letter telling you you're pre-qualified.
You can show and give this to your real estate agent. We'll also send you a needs list with instructions on how to get that information back to us. Hey listen, that cell phone app I was talking about, it's got a scanner on it. You can literally scan and upload your documents right there from your cell phone. It is really easy and quick. I love that part of the app. Once you provide us all the documents we requested, then we're going to move your file to what we call preapproved.
In the preapproved stage, it means you told us you made certain amount of money per hour and we have verified that off of your pay stubs. That's really what we're doing. We're just verifying the information you give us verbally and then we'll move you to preapproval. All this while you should have been working with a realtor to finding a home that fits your needs within your budget. Once you've done that, you'll get us a sales contract. We'll take that sales contract and we'll disclose a mortgage loan to you based on that sales contract so that everything, the numbers match up and the numbers won't change when it comes to closing. At that point we'll push for, push your file over to one of our senior processors and Oh by the way, they are amazing. They'll do a terrific job for us. If there's anything that I miss maybe in my internal or my initial interview, then they will ask me for those items and I'll come back to you for that.
Approved with Conditions
At this point, we go to underwriting. Once we're in underwriting, the underwriter reviews the file to make sure it meets all the guidelines. Once she's done that, they are going to give us what we call an approved with conditions. We're still waiting on appraisal and title. We ordered that day one after we got the contract. We're still waiting on a few other things to come in. As those items start to come in, of course we're going to send those over to you, but we'll also resubmit them back to the underwriter and we'll get what we call a clear to close.
Clear to Close
At that point, we'll schedule a closing with the title company. We'll schedule the time in the day and we'll coordinate with you, your real estate agents, the sellers and their agents to make sure everybody can be there. After this is done, we will then go to closing. After we close, we'll fund the loan typically within an hour and you will be a new homeowner.
That's all there is to it. So if this interests you at all, send us a message, comment below, click on the link apply now button located on this page, and we'll do whatever we can to get back in touch with you and help you get the best home loan for you.
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