Obtaining a loan doesn't have to be difficult. It simply requires a little organization, homework, and teamwork. You provide your financial documentation, and we'll take care of the rest.
1. Contact Westonhill Financial - to discuss your situation, are you a first time buyer, investor, considering refinancing? Lets discuss your situation. You may be ready to buy, or need some direction in how to prepare financially. If you have credit problems, now is a good time to begin repairing your credit.
2. You have homework - To begin the process you'll need to gather your financial documentation. Here's a preliminary list of documents we will request:
Most recent 2 years Federal Taxes & W-2's
- Most recent one month pay-stubs
- The last 3 months bank statements; including checking, savings, investments, 401k's and retirement accounts
- Most recent credit statements for consumer credit, car loans, and student loans
- If you are currently renting, we'll need your landlord information. But will not contact any landlords, until you have given your 30 day notice
- If you are refinancing: the most recent mortgage statements for your current loans. If you live in a condo, we will need your property management company info
- If you are self-employed: we will need a recent profit & loss and a balance sheet
Note: It's important that you retain your financial records for tax purposes. If you dispose of any of your records, for your own safety and privacy, please shred all records.
3. Our Initial Meeting - set an appointment, and your Westonhill broker will come to your home. Set aside approximately 1-2 hours. At this time, we will further discuss your situation, answer any questions you have, and discuss loan programs. Then we will complete your loan application, an authorization to obtain a credit report, and some initial disclosures.
4. After the first meeting - Your Westonhill broker will begin the loan processing. Essentially, this is the orchestrating of all the elements of the loan. Your credit report will be run and reviewed for any issues.
Once your credit is run and your financial documentation is reviewed, your broker can safely issue a pre-qualification letter (if needed for a purchase transaction).
Escrow and title will be opened, the appraisal will be ordered, and the verification of your financial documentation will proceed.
In purchase transactions, when you are required to obtain lender pre-approval in a matter of days. Westonhill will submit a preliminary package to the lender for immediate borrower credit approval.
5. Submission of your loan package to the lender - when we have all the documentation required by the lender, we then submit your package for underwriting and loan approval. The lender will analyze your financial documentation and issue a conditional approval.
6. Other elements of the transaction - You will receive escrow instructions to complete. Escrow's purpose is to act as a neutral third party in real estate and mortgage transactions; executing instructions agreed upon by borrowers, lenders, buyers and sellers.
The property you are purchasing or refinancing will be appraised. And if this is a purchase, there will most likely be a pest/termite inspection.
If you are purchasing a home, you will need to shop for hazard insurance at this time. Obtain a quote you like, and submit the information to escrow, they will pay the premium and handle the rest for you at the close of escrow.
7. Loan Approval - the lender has issued loan approval, and may ask for some additional documentation. Now, we are ready to lock your interest rate and draw loan documents.
8. Signing Loan Documents - your Westonhill broker will arrange with the lender and escrow to have your loan documents ready for signatures.
We then make an appointment to sign your loan documents either at your home or office. We believe this service is our trademark. We know that you are busy working and should not have to take personal time to drive to escrow and have someone, who is not familiar with your transaction, sign you. We educate you and will provide you with personal service throughout the entire transaction.
9. If you are purchasing a home - this is when you obtain a cashier's check or arrange with the bank to wire your funds to escrow. You will have your final dollar figure when you sign loan documents. Escrow will need your money at least 2 days prior to close of escrow.
10. The Lender Funds your Loan and Escrow records the necessary documents with the County Recorder. Escrow then figures the final costs, and completes the closing documentation to be distributed to all parties. This is called the close of escrow.
** Obtaining a loan usually takes approximately 30 days from start to finish.