Congratulations on your decision to buy a new home!

There are many steps in the home loan process, and my job as your Churchill Home Loan Consultant is to manage the process and people involved in completing your home loan.

To help you understand the home buying process, here are step-by-step descriptions of the home loan process. If you have any questions, please feel free to contact me and I'll be happy to help!

1. Before you apply for a loan, you and I will discuss your needs and goals. Check out our Mortgage Checklist so you can start gathering the income and asset documentation we’ll need.
    
2. You complete an Online Loan Application. I will gather information from it, and I’ll have you sign it, along with the proper disclosures required by law.
    
3. We will ask you for various income and asset documentation that we use to verify your ability to repay the loan (listed on my Mortgage Checklist.)
    
4. We’ll get your Credit Report and I’ll review it with you. I will let you know if there are any derogatory items on the report that you should address.
    
5. Once we’ve analyzed your credit and have your application, disclosures, and income documents, I will compile that information and find the loan options that fit your personal needs. Once we have selected the best loan option for you, I will submit your loan package into "Processing."
    
6. A Loan Processor will order any verifications needed, as well as a Title Search and Appraisal. The Processor's job is to collect all the items needed and prepare your loan file for an Underwriter to review.
    
7. The Underwriter has an extremely important role, and is basically the one person that can approve a loan. It’s important that the underwriter has all the documentation needed to build a strong picture of your finances.
    
8. If you meet the guidelines for the loan program and the underwriter feels that you are a good risk, a Conditional Approval will be granted which will list the remaining items needed for the lender to issue funds to close the loan.
    
9. Next step is an appraisal on your property to determine its fair market value. The Appraiser's job is to determine the fair market value of the home you are buying, or your current home if you are refinancing.
    
10. A Title Search must be completed on your home prior to the execution of any new mortgage loan. A Title Search will identify any liens that have been recorded against your property, search the records at the courthouse to make sure the Seller of the property has sole ownership and the legal right to sell the property, and verify that all title and deed conveyances are in order. Once these items are cleared and verified, Title Insurance may be issued on the property that insures the owner and mortgage company against any claims on the property.
    
    Once the file has been cleared by the Underwriter and the Title Search and appraisal have all been reviewed and are acceptable, it’s on to Closing!
     
11. At the closing, a "Closing Agent" (or in some states an attorney) will conduct your closing. Before you arrive, he/she will have retrieved the accurate tax and insurance information for the home, and will have prepared a preliminary Settlement Statement that your Loan Specialist will review with you at least 24 hours prior to closing. You will read and sign a lot documents related to the purchase (or refinance) of your property.
    
    ** I recommend locating your "First Payment Letter" in your copy package, and keep it handy. Many times your lender is not able to get your payment statement or coupon book to you in time for your first payment, and you will need to use this First Payment Letter as a temporary coupon to pay your first month’s payment.