The Home Loan Process

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Guest blog post by Josh Flores, Senior Loan Officer with Supreme Lending.

House Exterior 1Today I’d like to share a brief overview of the home loan process.

Step 1 – Loan application
Loan officer meets with clients face to face, or through email or fax. Customize loan products to meet individual needs. Maintain communication throughout the loan process to closing.

Step 2 – Loan Set Up
A. Order residential appraisal and credit report.
B. Send required disclosures to client.
C. Send verification to applicable entities.

Step 3 – Loan Processing
The processor is your contact during all processing and compiling of information for loan submission. Email all information for loan processing to your processor.

Step 4 – Underwriting
Evaluation of credit and property in determining adherence to agency guidelines. This results in a status of approved, suspended, approved conditionally or rejected.

Step 5 – Closing
A. Lender sends prepared docs to the title company.
B. Title company prepares the settlement statement, then provides final closing figures.
C. Loan Officer will then call borrower with final figures.

JoshFloresPhotoJosh Flores is a senior loan officer with Supreme Lending. He attributes his success as a loan officer not to marketing genius but rather to his practice of working with one client at a time. His philosophy is to do the best, most professional job for each of his clients, which has led to his history of repeated client referrals.

Josh believes that education and experience are the two most important assets he can share with each of his clients, whether that client is an experienced investor or a first-time home buyer.

Josh received his Bachelor of Business Administration degree from St. Edward’s University, where he graduated magna cum laude. Josh and his wife have two children, a daughter and a son.

Dos & Don’ts Before You Close Your Loan

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House.key.AWGGuest blog post from Josh Flores.

Today I’d like to share some dos and don’ts before closing on your real estate loan. Keep in mind that these are general guidelines and that you should always call your loan officer for guidance.

DO bring a cashier’s check made out to the title company for your closing costs. You can bring a personal check to closing for $500 or less.

DO notify us if your salary or other compensation has changed from what has been noted on your loan application.

DO inform us if your address changes from what appears on your original loan application. We will complete rental and mortgage verification for all of your residences within the last two years.

DO obtain homeowner’s insurance with minimum coverage equal to the amount of your total loan or the replacement value of the house. Call our office with your agent’s name and phone number at least 10 days before closing.

DO keep documentation (“paper trail”) on any large deposits into your account. A “paper trail” is copies of all paperwork necessary to prove financial transaction: copies of all checks, deposit slips, loan paperwork, forms to liquidate assets, etc.

DO notify us if you move funds from one account to another and provide a “paper trail” on any transactions.

DO make sure you have a clear termite report on the property. If the termite report is not clear, provide a receipt for treatment that shows the chemicals and the amount used for treatment (upon request).

DON’T acquire any additional credit lines or make any large purchases on existing credit without first consulting us. For example: purchasing a car or buying appliances for your new home will change your debt to income ratios.

DON’T change jobs without consulting us. A change in compensation may affect your ability to qualify. Borrowers must have a two year history of bonus and/or commissions to be counted as income. Lenders may verify employment on the day of closing as a quality control check.

 DON’T co-sign with anyone to obtain a line of credit or make a purchase. The payment will show up on your credit report as an additional debt.

 Following these dos and don’ts will help you to have a smooth, surprise free loan closing…

JoshFloresPhotoJosh Flores is a senior loan officer with Supreme Lending. He attributes his success as a loan officer not to marketing genius but rather to his practice of working with one client at a time. His philosophy is to do the best, most professional job for each of his clients, which has led to his history of repeated client referrals.

Josh believes that education and experience are the two most important assets he can share with each of his clients, whether that client is an experienced investor or a first-time home buyer.

Josh received his Bachelor of Business Administration degree from St. Edward’s University, where he graduated magna cum laude. Josh and his wife have two children, a daughter and a son.