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The Process - How a Loan Works

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The Process

You may be wondering how the lending process takes place, what paperwork is involved and what information we gather. Take a moment to follow the timeline below to gain an overview of the lending process. For more detailed questions, please call or e-mail us and we would be happy to serve you!

Application: Complete an application and submit it to Integra Financial Services. We will review the application, pull a credit report and in most cases request an automated underwriting pre-approval from Fannie Mae. At this point, we will send out the required disclosures and a pre-approval letter.

Verifications: In any mortgage transaction, we must verify your income and assets. While some loan programs do not require these verifications, most do. We do this by gathering W2’s, pay-stubs or federal tax returns. There may be other documentation required and we will notify you during the application process which documents will be needed.

Appraisal: For most transactions, an appraisal is required. For purchases transactions we will order the appraisal when the Purchase Agreement has been signed. For refinances, we will order the appraisal as soon as we get the go ahead from you.

Title Work: Every mortgage transaction requires some level of work to be done on the title. The abstract must be updated to reflect new ownership or a new lien on the property. Also, the lender requires title insurance. This ensures that the lender is in first lien position and that there are no other liens that could interfere in case of a calamity.

Underwriting: Once we have verified income, assets and employment and once the appraisal has been completed; we will submit the loan file to an underwriter for final approval.

Approval: Once we receive the approval from the underwriter we are ready to close. If a closing date has not already been set we will schedule the closing at a convenient time for everyone involved.

Closing: At the closing you will sign all the final documentation. We will arrange for the loan proceeds to be at the closing and the title company will disperse those funds accordingly. For refinances, there is a Three Day Right of Rescission in which you have the ability to cancel the transaction even after documents have been signed. Once the three days have passed, the loan will become final and the funds will be dispersed. At the closing you will receive instructions on how to make your first payments, information about your new loan servicer and a much deserved “thank you” from Integra Financial Services. We appreciate every one of our customers!

"...I really appreciate your hard work with helping me buy a house. I love it very much and everyday I wake up smiling. I will definitely send friends your way!"

- Rebel Gustafson -