Loan Process

I joined a referral group about three months ago and have never regretted it. Referral Groups are not only great for business but they are educational as well.  In our group, each week a person from our group explains in detail a different part of their services. Last week, Taylor Ortiz, a loan officer from SpiritBank explained the loan process to us. He explained the first step in getting preapproved so that you can get a home loan is to simply fill out the application. The application is just basic information including your employment information. From this point the lender will gather documents from you such as: pay stubs, tax returns, W2’s, bank statements, etc. Giving all of your documents to your lender in a timely manner makes a huge difference. This process can be completed in approximately 45 days or less if all goes smoothly. Taylor likes to ask his clients how much they feel comfortable paying per month instead of pre approving them for the max price they could spend on a home. Then he determines a loan program depending on how much the buyer can bring to closing or put as a down payment that best fits the client’s situation. This is one major step that the Realtor is waiting for! Once the buyer has the pre-qualification letter, the fun begins! With a contract written, negotiated and accepted, the lender then has you fill out the rest of the application disclosures. When all those steps are completed, the processor then takes over. This is when the processor orders an appraisal, flood report, and title work. The processor double checks everything for the loan before sending to underwriting. Underwriting usually takes about 24-48 hours and then the closing instructions are sent within 24 hours to the Title company. With those instructions sent, the time that everyone has been waiting for is here, closing! This process can always run smooth with a great lender. We highly recommend calling Taylor Ortiz from SpiritBank to get you approved. Once you have that letter in your hand, let’s get out there so we can search for your new home! Hopefully you feel a little more educated about the loan process. Please call Kim or Terra with any real estate questions at 405-330-2626.

2 Comments

  1. Rich Cederberg on April 8, 2011 at 8:53 pm

    It is refreshing to see a lender looking out for his clients and helping them focus on homes they can afford instead of homes they can qualify for. Tell Taylor I’m impressed. I might think about starting a referral group. Sounds like a great networking opportunity.

    • Terra on April 27, 2011 at 4:54 pm

      Taylor is great! And yes the referral group has been wonderful for building my business more and more!

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