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The Mortgage Loan Process
The process of
obtaining a home loan can be very confusing
Here are
the key steps that will make the process easier to understand:
Step 1 - Initial Consultation
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Call or email
your OEHB coordinator
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OEHB coordinator
gathers contact information and ascertains your needs and
priorities
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OEHB
coordinators forwards your information to an OEHB representative
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OEHB
Representative contacts you, generally within 24-hours
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OEHB
representative gathers specific information, discusses your needs
and priorities, and explores options for helping you
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Initial contact
by mortgage lenders, generally set up by OEHB representative
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Contact by one
or more mortgage lenders who gathers your financial information
and discusses your financial options
Step 2 - Loan Application
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Loan application
completion
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Discussion of
loans available and quotation of interest rates to help you find
out payments, cost to buy, price you can qualify for, etc.
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Lender orders
credit report, and you will be given a copy to use with other
lenders, if you choose to do so
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Pre-qualification issued, if possible (Note:
Pre-qualification is not final approval)
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You pick which
lender and program you want to use.
Note: This is the
point where you will begin your search for a new home with an OEHB
real estate agent - see real estate section for the steps in that
process.
Step 3 - Loan Processing
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Appraisal
ordered on new home by lender
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Lender verifies
all application data
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Communication
with you on items necessary for your loan to be approved
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Pre-underwrites
and prepares loan packages to underwriter for approval
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Works with all
parties
Step 4 - Underwriting
Department
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Final review of
your application
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Possible
additional documentation
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They may approve
your loan under a different program than submitted
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Loan officer
consults borrower on final approval and terms approved
Step 5 - Closing Department
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Assembles
closing papers for closing day
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Sends papers to
the Title Office’s Escrow Officer who is preparing the closing
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Review of final
figures and closing
Step 6 - Title Office – Escrow
Officer
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Prepares
settlement statement
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Notifies you of
amount of money, if any, to bring to settlement
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Notifies loan
officer when you are scheduled to sign loan closing papers
Step 7 - Title Office – Escrow
Signing Day
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Bring a
cashier's check to closing
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Loan documents
reviewed and signed by you
Step 8 - Title Office –
Closing/Funding Day
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Lender wires
money to escrow officer
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Funds disbursed
to sellers and others scheduled for a payoff
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Recording of
title
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Congratulations
- you're a homeowner!
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