Loan Process

8 Steps to a home

Premier Nationwide Lending feels the homebuying process should be transparent and stress free. Below you will see the 8 step loan process you will encounter when buying a home. If you have any questions concerning the home loan process, please contact your Premier Home Mortgage Loan Expert who is on standby ready to assist you with your home mortgage needs.

Eight steps to a home.

1. Pre-qualification Pre-qualification is usually the first step after initial contact is made to the lender. When pre-qualifying a borrower, the lender gathers information about the income and debts of the borrower and makes a financial determination about how much house the borrower may be able to afford. Wondering about your credit?

2. Application The application is actually the beginning of the loan process and usually occurs between days one and five of the loan. The borrower completes a mortgage application with the loan officer and supplies all of the required documentation for processing. Various fees and down payments are discussed at this time and the borrower will receive a Loan Estimate, which itemizes the rates and associated costs for obtaining the loan.

3. Opening the File This occurs between days 3 and 10. At this time the lender orders a property appraisal, title insurance, property survey, and credit reports, mails out requests for verifications, such as employment, bank deposits, rent, and any other documents needed for processing the loan. All information supplied by the borrower is reviewed at this time and a list of items not yet received is compiled.

4. Processing Processing occurs between days 5 and 25 of the loan. The processor reviews the credit reports and verifies the borrower’s debts and payment histories as the VODs and VOEs are returned. If there are unacceptable late payments, collections for judgment, etc., a written explanation will be required from the borrower. The processor also reviews the appraisal, survey, and checks for property issues that may require further discernment. The processor’s job is to put together an entire package that may be underwritten by the lender.

5. Underwriting Lender underwriting occurs between days 15 and 25. The underwriter is responsible for determining whether the combined package received by the processor is deemed as an acceptable loan. If more information is needed, the loan is “suspended” and the borrower is contacted to supply more documentation.

6. Pre-Closing Pre-Closing occurs between days 20 and 30. The file has come out of underwriting and all conditions are being cleared. Once this has been achieved, a closing time is scheduled.

7. Closing Closing usually occurs between days 20 and 30 of the loan. At the closing, the lender funds the loan with a cashier’s check, draft, or wire to the selling party in exchange for title to the property. This is the point at which the borrower finishes the loan process and actually buys the house.

8. Move in!

Residential Mortgage Loan Originators

My Premier Nationwide Lending team is built upon a reputation for excellence in client service, extensive industry experience and a dedicated commitment to our clients. My expertise in the mortgage industry and forward thinking approach allow me to adapt and rapidly respond to market changes that affect you. In doing so, I am able to offer a high level of service and provide a variety of home loan products to suit the needs of every homebuyer. I believe we are responsible to do everything in our power to make the financing piece as easy as possible. I credit much of my success to taking care of my clients the same way I take care of my family. I take the time to assess their needs and goals to help them come up with a game plan. I focus on building relationships and providing exceptional service. When I am not in the office, you can often find me on the golf course, the tennis court, or out boating with friends. I also spend some of my free time as a volunteer for “2nd chance” type organizations in the community.


Loan Center

Checklist

What you will need to ensure a smooth home mortgage process.

Loan Options

There are several loan options available when purchasing a home.

Down Payment Assistance

Find out more about special programs and who qualifies.

Calculator

Wondering how much you can finance?

Testimonials

Jason did exactly what he said he would, and the experience was better than expected because of the outstanding service – Everything was on time! He shopped the rate for me & got us a great mortgage. I was never left waiting for paperwork or answers to questions.

Russell B.

Jason far exceeded what he said he could do in the time-frame he said he could. We assumed it was just a sales pitch – people make a lot of promises to get your business. But, Jason lived up to his promises & went above-&-beyond our expectations. Jason’s the best if you want to buy a house & want it done right & quickly.

Donald S.

My name is Heather McGregor and I recently closed on a home. Jason Holter was my Loan officer and I wanted to let you know how pleased I am with his service. I have had some pretty horrific experiences with Loan officers in the past and was a little concerned about the process due to previous experiences. Jason was professional, courteous and competent. I would recommend him to anyone and everyone I know. He anticipated every need, all my options were presented and everything was handled promptly and correctly. He handled all my questions very pleasantly and thoroughly. I thought you should know what a Stellar Loan officer you have and I greatly appreciated his services.

Heather M.

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