Las Vegas Mortgage Consultants Las Vegas Mortgage Brokers California Mortgage Consultants

To help you understand the California and Las Vegas mortgage loans process, our Las Vegas and California home mortgage brokers have compiled this brief overview.  Of course, this is only a synopsis, intended to help you wrap your head around the general process.  We are always available to answer your specific questions.

Step 1: The Application

The first step in the mortgage process is to have an interview with the potential lender.  At this meeting, you will discuss your particular needs as well as your financial resources such as employment status and current debt.  

Step 2: Documentation

After completing your application form, you will need to provide a credit report, an appraisal of the property you want to purchase, proof of your employment and proof of all funds available as of the proposed date of close, as well as letters of reference or proof of previous mortgage ratings.

Step 3: Submission

The package including your application and all supporting documents will be submitted to a mortgage underwriter for approval.

Step 4: Approval

Once your application is approved, you will have to agree to the conditions of the loan and the final papers will be drafted.  This is the beginning of the closing process.

Step 5: Confirmation

At this stage, all of the details of your mortgage loan are confirmed, including how much money you are borrowing, and the final documents are drafted.  You will then be required to sign the final papers.

Step 6: Funds Distribution

All signed documents are reviewed to confirm adherence to any existing conditions that must be met before the funds are released.  If everything is in order, the funds are released.

Step 7: Transfer

The property is transferred into the buyer's name once the funds are received.  The deed of trust on the property is updated with the new loan information.  This is the official closing of the transaction.  The property is yours!

These steps are meant as a general guide to help you through the mortgage loan process.  They are a road map only; it is important to realize that they are generalities only and that your particular situation will require variation to the process, although the general flow is the same in all mortgage loan scenarios.