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A BRIEF GUIDE TO OBTAINING A LOAN

TO PURCHASE YOUR PORTLAND HOME

 

Step 1: Application
 
  • Complete a loan application in person, by phone or via the internet.

  • Application reviewed to match you with desired loan program.

  • Credit report ordered and reviewed.

  • Pre-Qualification Letter may be issued at this time.

  • File forwarded to lender for initial underwriting.

  • Underwriter determines what is needed to support your application (e.g. bank statements, tax returns, appraisal).

  • Conditional Loan Approval issued at this time.

  • Loan officer and processor gather information requested by underwriter.

  • Preliminary title report requested and home appraisal and inspection may be completed.

  • Loan officer may request additional information from you at this time.

  • Lender evaluates your file again with all of the supporting information.

  • Any additional required information is requested.

  • Final Approval issued and loan documents drawn.

  • Execute closing documents at title company office.

  • Deed of Trust recorded at the county recorder’s office.

  • Lender releases funds for wire transfer.

  • Funds disbursed to the proper recipients.

 
Step 2: Initial Underwriting
Step 3: Processing
Step 4: Final Underwriting
Step 5: Funding