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Real estate financing can be a complex process. Borrowers are
often unsure how the application is processed before it is approved. We have
identified 8 basic steps to speed up the loan process and make sure the loan is
approved without problems or delay.
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Step 1: |
Collect all the
documentation needed to process the loan. The documents needed are
listed on the following page. |
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Step 2: |
Discuss the
financing options and complete the loan application with a Chesser Mortgage
Group account executive using the documents collected in Step 1. |
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Step 3: |
The loan processor
orders a title search, an appraisal, a credit report and any information
required to verify financial status. |
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Step 4: |
The loan processor
packages the complete loan file for submission to a wholesale lender.
Chesser Mortgage Group utilizes all resources to determine the best lender
for loan submission. |
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Step 5: |
The
underwriter reviews the loan file to determine if it meets the lender’s
requirements. The underwriter may ask for additional documentation to
be supplied. |
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Step 6:
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The loan is
approved and the Chesser Mortgage Group account executive contacts the
client, the escrow officer, and the real estate agent. Loan documents are
ordered. |
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Step 7: |
The escrow officer or settlement officer
contacts the client to set up an appointment to sign the loan documents. |
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Step 8: |
When the
loan is funded, the funds are given to the title company who disperses the
funds to the appropriate parties. The loan documents are recorded,
along with the deed to the property. The title is then transferred. |
In determining a borrower’s qualifications, we will analyze the
following five components of the loan file:
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Total Monthly Gross Income
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Total Fixed Monthly Obligations
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Credit History
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Cash Reserves
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Loan to Value of Property Ratio
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