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Loan Process

LOAN PROCESS

We Make It Easy

For your convenience, the Assurance Financial loan processing system is all computer generated (with humans behind pushing the buttons) and is more secure than Fort Knox.  You also have the option of filling in the blanks pen in hand and sending via fax or we can meet in person.  Below are the basic steps outlining the loan process from application to getting the keys to your new home in your hands.  Once we talk, I will provide you with a checklist that will help make the information gathering process quick and easy.

5 Easy Steps

SUBMIT APPLICATION FOR PRE-APPROVAL

You can go online and fill out and submit (securely) the loan application which asks questions about income, employment history, debts, assets, etc. This step helps me determine an amount that you most likely will be approved for borrowing, allowing me to give you/your agent a pre-approval letter.

GATHER AND SUBMIT FINANCIAL DOCS

Gather documents like W-2s, tax returns, pay check stubs, etc. All of these docs can be uploaded into your secure account we provide you with or you can submit via email or fax.

WE PROVIDE DISCLOSURES ABOUT TERMS OF LOAN, ETC.

By law, every lender has to submit a “LE” (loan estimate) which is a statement providing a summary of all costs and fees associated with the loan process from the appraisal fee (which the purchaser is responsible for) to other fees which you may incur from state or local taxes or fees to how much the title will cost you and the seller. You will also receive notice of your calculated APR (which is not the same as your interest rate!) a Good Faith Estimate provides a separate breakdown of various item’s, a Homebuyer’s Guide to Settlement Costs, which explains the closing process and your rights as a purchaser, among other various informative docs, created especially for you.

MEANWHILE, BEHIND THE SCENES

An appraisal is ordered after a satisfactory home inspection (if requested) to ensure that from a professional’s eye that property is in good condition and that the contract price is fair to you. Meanwhile our processors are gathering information like verification of employment, tax transcripts and other various docs. Once all info is in place, our underwriters will inspect your credit, research the history of your future home, and basically anything they can do to ensure that the property you have chosen is worthy of purchase and that you are credible of borrowing money. After they are finished, they submit conditions for the loan which sometimes mean asking you a few more questions and/or gathering more info. This can take a few days to a few weeks, depending on the situation and how quickly and accurately the information requested of you is provided.

APPROACHING THE CLOSING TABLE

When your loan file receives the “clear to close” you will receive a CD (closing disclosure) with the breakdown of your loan. New TRID guidelines require this to be sent at least 3 business days prior to closing. After it is approved by all parties, the amount needed will be determined. Funds brought to closing are required to be in the form of a cashier’s check. Along with your agent, I will attend the closing in the event you have any questions.

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Our audit team will be checking your credit and financial status again prior to closing, so don’t go buying new furniture, a new car for your new garage or make any other substantial purchases until after the closing and same goes for any changes that might affect your income situation, like changing jobs.

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