Process Timeline
DESCRIPTION FOR LOAN PROCESS:
- Forward documentation to Lisa for All borrowers
- NEED: https://lisamelby1.com/application-documentation-needed/
- The information you provide will be entered into the Lender portal
- The lender will send all borrowers a link to review and approve their application(s)
- Lender will email you to acknowledge you are applying for a loan, agree to electronically receive and approve the documents, please click through and agree.
- Lender will issue you a Loan Estimate with your fees and points (only if applicable) once you have identified a property, made an offer and have it accepted by the Sellers
- Lender will review the preliminary approval documents and application we submit and issue a conditional approval or a denial
- An appraisal will be ordered once we determine we can meet all the lender conditions
- Lender may request additional documentation
- Lender reviews the documents and may require additional information from documents you provide
- If no additional information is required the lender clears us to doc the loan (send loan documents to title to close)
- The lender will issue the Closing Disclosure
- I order the loan Docs (documents) from the lender to include Loan Amount, Interest Rate, Payment and disclosures to close
- The lender sends the docs to title and title prepares the Final Closing Statement
- A Notary will meet you at your home/office to sign the loan documents
- You will receive a complete copy of everything you’ve signed
- The lender will receive the documents back, order a Wire to Fund loan, payoff your existing lender OR seller
- There is a mandatory 3 day right of rescission that starts the day after you sign IF it is a refinance
- Once the 3 day right of rescission is complete the next day the loan funds
- The following day the loan is recorded (both of these functions performed by the lender and title)
- The entre process takes approximately 21 to 35 days
Lisa Melby
Firestone Financial
CA 0843024 | DRE 01230770 | NMLS 298325 |DOI MT 742264
4010 Moorpark Ave., #104, San Jose, CA 95117
e: FirestoneFinancialEvents@aol.com
o: (877) 685-6631
f: (408) 351-4277