• 12 Steps to Buying a Home
• What Kind of House Is Right For You
• What Price Range Is Right For You?
• Home Affordability
• Monthly Payment Schedule
• 7 Ways to Accumulate a Down Payment
• Getting Prequalified
• Credit Report
• The Loan Process
• Types of Loans
• What Is An Escrow?
• How Does the Escrow Process Work?
• What a Title Company Does
• The Preliminary Title Report
• Buyer’s Typical Closing Costs
• Costs: Who Pays For What
• Key Points in the Purchase Contract

The Loan Process

1. Prequalification/Interview
   The lender obtains all pertinent documentation.
2. Order Documents
   The lender will order any documents as deemed necessary such as a credit report, preliminary title report, an appraisal on the property, verifications of employment, mortgage, rent, and funds to close escrow.
3. Loan Submission
   The loan package is assembled and submitted to the underwriter for approval.
4. Documentation
   Supporting documents come in. The lender checks on any problems, and requests any necessary additional items.
5. Loan Approval
   Parties are notified of approval and prior-to-funding documentation conditions.
6. Documents Are Drawn
   Loan documents are completed and sent to escrow. Borrowers come in for final signatures.
7. Funding
   The lender reviews the loan package. The funds are transferred by wire transfer or cashier check.
8. Recording of Documents
   The Title Company records the deed of trust at the county recorder’s office.