Loan Process 101

This is intended to provide you with a general overview of the loan application and approval process. For a more detailed description, see Loan Process, Detailed.

You may think applying for a mortgage loan is an arduous process. At Overlake Mortgage, we make it simple. Here are the steps to getting your loan approved with us.

1. Check out the calculators in the Mortgage Tool Chest, read up on the different Loan Programs we have available, see our Rates.

2. Send us either a Purchase or Refinance inquiry. By submitting our brief on-line form we can help you decide which mortgage loan best fits your situation, or if it makes sense for you to refinance.
 
3. Once you decide to apply for a loan, you must provide financial information to one of our Loan Officers. This can be done either via e-mail, telephone, FAX or in person, and includes employment information, savings and asset information, and payments for any bills and debts.
  
4. Your application file is turned over to one of our Loan Processors, who prepares the loan package to meet the selected lender's requirements. This may include ordering a credit report, an appraisal on the subject property, verification of employment, assets, deposits, etc.

5. The lender reviews the application and all necessary documentation and renders a decision. If the decision is favorable, we proceed to the next step. If the decision is unfavorable, depending on the reason we will either attempt to remedy it with the lender or submit it to another lender for potential approval. In a very limited number of circumstances, there may not be a lender willing to accept the loan. If this is the case, the application file is closed.  

6. After final approval is received, we order the closing documents from the lender. These documents are sent to the escrow company, who completes their portion of the closing documents and schedules a brief appointment for you to come in for final signatures.

7. After closing the documents are recorded with the county, the lender(s) provide the funds necessary to complete the transaction. The entire process is now concluded.

8. How long does it take to complete all 7 steps? Every situation is different, but you can expect approval within 2-3 weeks and the entire process to take between 4 to 6 weeks.

 

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