ASGi Articles

5 Important Steps to Expect in the Loan Process

Posted by Mario Morquecho on Nov 30, 2021 12:08:21 PM
Mario Morquecho

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Understanding the loan process can sometimes be confusing and overwhelming. Here are 5 important steps that will help you understand the loan process. Remember that our ASGi Team is here to assist, don't hesitate to reach out to us if you have any questions. 

Digital Application

Skip the paper chase and get pre-approved?
in minutes. Allow loanDepot to easily
validate your employment, income, and
assets digitally.
 

Processing

Once the application is submitted, the
processor will order a thorough credit
report, property appraisal, and title search.
They will evaluate, gather all documentation
in the loan file, and assemble a complete
and timely package for the underwriter.
 

Underwriting

The underwriter is responsible for
determining whether the package is
deemed an acceptable loan. The collateral
(the property) is also weighed into the
decision. You will be able to check instant
status updates inside our virtual portal.
 

Final Approval

Your loan is approved by underwriting with
all prior-to-funding conditions now met.
You will have the ability to e-sign most of
your loan documents, at your convenience,
ahead of closing.

Digital Closing

Once loan documents are sent to escrow
and the Closing Disclosure' is reconciled,
your funding is approved. loan Depot wires
funds to the escrow company and the
deed is officially recorded in your name.
Congrats, you are a homeowner!

 

If you have any questions about the loan process or would like to explore your
financing options, contact our team at ASGi Homes or our preferred loan Consultant ( Chris Hibbing - Loan Depot) by calling his office at 281-994-0515 or by email at chibbing@loandepot.com
 

Get pre-approved today!

 

Topics: financing