You shopped around and got a few quote from a lender that you like and the loan officer tells you that you are pre-qualified. The loan officer puts together the submission packet and give it to the lender who now says you are pre-approved.
What’s the difference? Check out a recent blog post to learn more about pre-qualifed vs. pre-approved.
Congrats! You made it to the underwriting phase! Now what?
Everything, and I mean EVERYTHING you submitted in the loan packet will now be under review. This is the most difficult part of the loan 
process because the lender is looking for any red flags, big or small, that could hint at a borrower default. This phase could take days or weeks to get through.
You can assume the lender is going to verify your current employment and possible past history if you have to use it to qualify for a loan. This can require calling up the employer to provide pay stubs or proof of employment.
They will look at credit history and ask for letter of explanation for anything they deem as an “irregularity”. Did you open a line of credit recently? When? Why? With who? Did you change your primary residence lately? Do you have any liens against your name? You loan officer should have scrutinized your credit report before submitting it to a lender and to get through the underwriting phase faster and they may have written up these letters before the lender even ask for them.
The appraisal will be ordered by the lender which will need to be scheduled with the borrower for an appropriate time. To speed this part up, make sure the appraiser has access to every part of the house. If the appraiser has to come back it will cost extra and will take even more time!
All of these things are check for irregularities and additional documentation will be requested to clear up any confusion and FINALLY, the loan packet will be submitted to an underwriter for approval.
If you are not approved, speak with your loan officer, there may be a small problem and an easy fix. Maybe there is a different loan product offered by the lender that you can re-submit your loan to or even try a different lender.
If you are approved, you can count on the fact that there will be conditions that must be satisfied. A good loan officer will make sure they do all they can before they submit your loan to prevent a huge amount of conditions but somethings are out of their hands.
Once all conditions are satisfied, the lender will prepare closing documents and send them to the third party a.k.a. the escrow company, who then sends the appropriate docs to the buyer and seller to sign. After they are signed, they are sent back to the lender for FINAL APPROVAL!!! The loan is recorded and loan funds are sent to the escrow company to disburse funds accordingly.
Did you stay with me until the end? I know it’s a lot but I’m here to help guide you through the entire loan process. Contact me directly at (858) 732-2320 or email me at cpatterson@valorlending.com. I am here to help and as a loan officer, it is my fiduciary duty to make sure I provide you with the highest standard of care during the loan process.
Camille Patterson /Valor Lending Group / 858-732-2320 / CPatterson@ValorLending.com
Recap of our Loan Products:
2). Foreign Nationals Loans (no social security or residency required) 35% down / Foreign passport / Document income outside US
3). Hard Money Loans (28-35% down / minimal documentation) Fund in 7-10 days. 480+ credit score
4). Raw Land and Construction (Bridge Loans) including Spec Home! 75% loan to cost (cost of land and construction budget)
5). 3% down Conventional (Lender paid PMI)
7). Farms, Vineyards, Ranches and Agricultural Properties (25-30% down)
8). Flipper Loans (Flip a property with one of our many options) 30% down we finance acquisition and rehab funds / 1-2 year terms
9). 10.1% down Jumbo’s with NO MI up to $2.5mm
10). Manufactured Housing / Mobile Homes (20% down / 620+ credit score) must be tied to real property/Must be at least double wide/Must be built after June 15th 1996 /
11). Acreage Properties
12). Commercial Loans up to $100mm / Purchase and Refinance Loans 25-35% down depending on property, credit etc. (Almost all property types)
We also offer:
1). 10, 15, 20, 25, 30 year Fixed, Conventional Conforming Loans (under $424k) 30 year fixed
2). High Balance Conforming aka Super Conforming (from $424k-$636k) 30 year fixed
3). Jumbo’s to $10 Million / Super low rates! / 10% down Jumbo to $2.5mm
4). FHA, VA, USDA
5). ARM’s
6). Reverse mortgages up to $10 Million Value
7). Refinance including Cash Out
I am able to take a Loan Application on a moment’s notice & will be happy to provide Pre approval letters.
Please do not hesitate to call on me on each and every scenario and we will ID best programs.
Camille Patterson
Loan Officer
CaBRE# 02035349
NMLS# 1517035
Valor Lending Group
“Pride in Lending”
Petco Park
Direct: (858) 732-2320
Office: (619)344-2640
Fax: (619) 872-2400
cpatterson@valorlending.com
Biography and Blog
