5 Important Steps to Expect in the Loan Process

November 30, 2021 • By Mario Morquecho

Understanding the loan process can sometimes be confusing and overwhelming. Here are 5 important steps that will help you understand the loan process. Remember that our ASGi Team is here to assist, don't hesitate to reach out to us if you have any questions.

Digital Application

Skip the paper chase and get pre-approved in minutes. Allow Loan Depot to easily validate your employment, income, and assets digitally.

Processing

Once the application is submitted, the processor will order a thorough credit report, property appraisal, and title search. They will evaluate, gather all documentation in the loan file, and assemble a complete and timely package for the underwriter.

Underwriting

The underwriter is responsible for determining whether the package is deemed an acceptable loan. The collateral (the property) is also weighed into the decision. You will be able to check instant status updates inside our virtual portal.

Final Approval

Your loan is approved by underwriting with all prior-to-funding conditions now met. You will have the ability to e-sign most of

your loan documents, at your convenience, ahead of closing.

Digital Closing

Once loan documents are sent to escrow and the Closing Disclosure' is reconciled, your funding is approved. loan Depot wires funds to the escrow company and the deed is officially recorded in your name.

Congrats, you are a homeowner!

If you have any questions about the loan process or would like to explore your financing options, contact our team at ASGi Homes or our preferred loan Consultant ( Chris Hibbing - Loan Depot) by calling his office at 281-994-0515 or by email at chibbing@loandepot.com