|
|
|
 |
|
Liberty Mortgage, Inc.
509 W. McKinley Avenue
Mishawaka, Indiana 46545
Telephone 257-0629
or 888-568-1786
Fax 574-257-0632
|
|
Prepurchase
Real estate agent and buyer begin the search for the home. Buyer chooses a lender
and may request pre-approval of his/her loan.
|
Days 1-5 Application
The buyer becomes the borrower and completes the loan application with
the information that includes employment and income data for the past two years, financial information
on assets and liabilities and any other data that could effect the loan decision.
|
Days 3-10 Opening the File
Lender orders property appraisal and credit reports, mails verifications
of employment and deposits and follows up for replies.
|
Days 5-25 Processing
Lender reviews documents as they are received. These documents include
credit reports, verifications of asset, income and appraisal. In addition debt and payment histories
are reviewed and verified.
|
|
|
Days 15-25 Lender Underwriting
Underwriter reviews the entire package. If there are questions,
it is extremely important for the Borrower to respond immediately.
|
Days 17-27 Preclosing
When the loan is approved:
Title insurance is ordered.
Approval conditions are met.
Closing is scheduled.
Borrower orders homeowners insurance.
|
Days 24-45 Closing
Borrower obtains loan proceeds.
Borrower presents certified
check for balance of down payment and closing costs.
Loan closes, and
Borrower moves
into the new home.
|
| More about the loan process . . . . |
|
|
|
