What happens during the loan process at Nations Lending?
If you have already applied for and received a pre-approval from Nations Lending, you have completed the first step. If not, you will begin by completing a loan application with us!
Once you have found a home and executed a purchase contract, you should request home inspection (not required but a very good idea). Once the origination step is fulfilled (application, purchase contract, asset documentation, credit report, and initial, signed disclosures) the file is submitted to a Nations Lending underwriter who evaluates your income, assets, and debts to determine if you meet the qualifications/guidelines required for the program you are requesting.
Once you receive the initial underwriting approval from us, the appraisal will be ordered. While waiting for the appraisal to come back, work with your Personal Mortgage Advisor to provide all remaining conditions required by the underwriter in the initial approval. Once the appraisal has been completed, the loan will be submitted back to underwriting to review appraisal and any additional documents that have been requested since the initial “approval”.
Your interest rate should be locked in with Nations before you receive the “final approval”. A loan can be locked as early in the process as completing the loan application. Discuss your options with your Personal Mortgage Advisor.
We will then create the documents for both you and the seller to sign at the title, escrow or attorney office. Any outstanding conditions of the loan (documents still required by us before the loan can close as listed on the final approval), should be completed and signed by all applicable parties and taken to the closing appointment as well.
The fully signed loan documents (and any additional outstanding documents) are returned to Nations Lending, we then review for completion, accuracy and signatures and then we then wire the funds to escrow. The loan is then closed with potentiality of additional follow up documents. Then you move into your new home!