The Loan Process

We know the loan process can be a bit intimidating, so we’ve put together this list of steps to give you a little information about the process.

Step One – Application

The lender will have you fill out an application. Then they will obtain all the pertinent documentation to avoid unnecessary problems and delays.

Step Two – Documentation

Within 24 hours of submitting your application, the lender will request documentation to verify the information you have provided.

Step Three – Loan Submission

With documentation in place, the lender submits the application and documentation as a package to the underwriter for approval.

Step Four – Loan Approval

The underwriter reviews the paperwork and makes a determination whether or not to grant the loan. Approval generally takes 24 to 72 hours. All parties involved are notified.

Step Five – Loan Documents

Within one to three days after approval, the loan documents are completed and sent to your escrow officer. The escrow officer will make an appointment for you to sign all final loan and escrow papers.

Step Six – Funding

Once the loan documents are signed, they are returned to the lender, who reviews the package.

If the loan documents pass final review, the loan funds are deposited with Monteith Abstract & Title Company.

Step Seven – Recording

When Monteith Abstract & Title Company receives lender funds, the lender authorizes the title company to record the deed of trust at the County Recorder’s office.

Contact us for information on the home buying process and to learn more about our company.