The Loan Process
Your lender will gather financial information about you to qualify you for the mortgage.
Application - All pertinent documentation is obtained. Fees and down payments are discussed, and the borrower will receive a Good Faith Estimate (GFE) and a Truth-in-lending statement (TIL), itemizing the rates and associated costs for the loan.
Documentation - You will be asked to provide certain documents to your lender in order that your loan can be processed in a timely manner. Your lender will also order a credit report. Watch our video about credit restoration and repair and enhancing your credit score. Click to arrange a credit consultation or email us your questions.
Loan Submission - Once all the necessary documentation is in, your completed file is submitted to a lender for approval.
Loan Approval (Underwriting) - Loan approval, or underwriting, generally takes 24 to 72 hours. All parties are notified of the approval and any loan conditions that must be received before the loan can close.
Closing - Once all parties have signed the loan documents, they are returned to the lender. If all the forms have been properly executed, the lender sends the loan funds by wire transfer. At this point, the borrower finishes the loan process and actually buys the house.
Click here to learn more about the loan process.
Finding and Choosing the Right Home
Based on criteria that you and your Sales Associate establish together, your Associate will help you find the perfect home. There are many factors to consider in selecting a property, including location, bedroom and bath count, schools and amenities. Click here to research in depth community information.
Your Sales Associate will apply their extensive community knowledge and professional resources to research available properties. Our customer account managers will show you the homes that best meet your needs. If you find a property that interests you through the Internet or your own research, let your Sales Associate know so that a showing can be arranged. As you view different properties, your criteria may change. Open and direct communication with your Sales Associate is a key element of a successful property search. Click here to do a property search now or have a Prudential Arizona Properties Sales Associate contact you today.
