The Financing Process

The financing process can be broken down into several steps.

Step 1: You – the Buyer – must complete a loan application.

Step 2: The lender will begin to process your application.

Step 3: Once your application has been filed, the lending institution will request an appraisal, credit report, and verification of employment and assets.

Step 4: The lender may provide you with a booklet containing specific mortgage information to further inform you of the lending process.

Step 5: The lender will now evaluate your application along with all supporting documentation, and approve the mortgage.

Step 6: Signed closing documents and instructions will then be sent to your lawyer.

Step 7: The lender then disburses the funds to the lawyer, and the seller is paid. The title to the home is then yours.