Choosing Your Lender
Your lender is an important part of the team involved in the timely closing of your escrow. We recommend that you choose a Lender that you feel comfortable with and that you can count on to competently handle the new loan process from pre-qualification to funding on time. Most Sellers request a Letter of Pre Approval from any prospective buyer at the time a contract is signed. Submitting the letter with your offer may give you an advantage over another Buyer who has not been pre-approved, and will assure the Seller that you are a serious Buyer who is ready, willing and able to perform.
It is very important that you provide your Lender with any documentation or paperwork that they ask for as soon as possible. Once you apply for your new loan, your Lender will proceed with the processing and approval of your new loan, including the following steps:
• Providing you a written Good Faith Estimate of your loan costs
• Ordering the appraisal and credit report
• Providing a letter of pre-qualification and / or pre-approval for the Seller, if requested
• Processing your application and file
• Submission of your loan package to underwriting for approval
• Providing any additional documentation to meet the Lender's conditions
• Providing letter of conditional approval
• Locking in your interest rate at your request
• Ordering the loan documents to be prepared and delivered to title company
• Assisting you with signing your final loan documents
• Ordering funds to be delivered to the title company
If you have any questions about your loan, loan costs or the Lender's requirements during this process, contact your loan officer for assistance.
Our partner, Alderus Funding, can also help you with these questions.