A BRIEF GUIDE TO OBTAINING A LOAN
TO PURCHASE YOUR PORTLAND HOME
Step 1: Application
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Complete a loan application in person, by phone or via the internet.
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Application reviewed to match you with desired loan program.
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Credit report ordered and reviewed.
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Pre-Qualification Letter may be issued at this time.
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File forwarded to lender for initial underwriting.
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Underwriter determines what is needed to support your application (e.g. bank statements, tax returns, appraisal).
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Conditional Loan Approval issued at this time.
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Loan officer and processor gather information requested by underwriter.
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Preliminary title report requested and home appraisal and inspection may be completed.
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Loan officer may request additional information from you at this time.
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Lender evaluates your file again with all of the supporting information.
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Any additional required information is requested.
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Final Approval issued and loan documents drawn.
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Execute closing documents at title company office.
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Deed of Trust recorded at the county recorder’s office.
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Lender releases funds for wire transfer.
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Funds disbursed to the proper recipients.