Loan Process

Step 1: Pre-Approval

Before you start your home search it is important to get pre-approved for a loan. Pre-approval will enable you and your real estate agent to establish a purchase range, define the loan parameters for which you qualify and allow you to move more quickly through the home purchasing process. In fact, submitting a pre-approval letter with an offer makes you a much more attractive buyer.

Step 2: Select The Right Loan Program/Begin the Application Process

Home loans come in many shapes and sizes. Deciding which loan makes the most sense for your financial situation and goals means understanding the benefits of each.  At San Diego Funding, our experienced loan officers will provide you with every option to ensure you select the loan that matches your present needs as well fulfills your future financial goals.

Step 3: Begin Loan Processing

Although lenders conform to standards set by government agencies, loan approval guidelines vary depending on the terms of each loan. In general, approval is based on two factors: your ability and willingness to repay the loan and the value of the property.

Once your loan application has been received we will start the loan approval process immediately. Our in-house loan processor will verify all of the information you have given. If any discrepancies are found, either the processor or your loan officer will troubleshoot to straighten them out.  This information includes income/employment verification, credit check, asset evaluation, and property appraisal.

Step 5: Close Your Loan

After your loan is approved, you are ready to sign the final loan documents. You must review the documents prior to signing and make sure that the interest rate and loan terms are what you were promised. Also, verify that the name and address on the loan documents are accurate. The signing normally takes place in front of a notary public.

There are also several fees associated with obtaining a mortgage and transferring property ownership which you will be expected to pay at closing. Bring a cashiers check for the down payment and closing costs if required. Personal checks are normally not accepted. You also will need to show your homeowner's insurance policy, and any other requirements such as flood insurance, plus proof of payment.

Your loan will normally close shortly after you have signed the loan documents. On owner occupied refinance loan transactions federal law requires that you have 3 days to review the documents before your loan transaction can close.

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