Valley Funding

Loan Process

Loan Process

The mortgage loan process doesn't have to be difficult. Once you have made the decision to pursue applying for a mortgage loan with Valley Funding, your Mortgage Loan Originator will work with you to obtain the necessary documentation required for a loan decision to be made.

A pre-purchase home inspection, performed by a professional, is a visual examination of the readily-accessible areas of a home to provide an accurate evaluation of the home's condition at the inspection. This evaluation is presented to the buyer in a comprehensive report so buyers are fully informed of the home's condition during the mortgage loan process and prior to purchase. While a home inspection is not required, it is highly recommended.

Below is a summary of the mortgage loan process so that you will have a better understanding of what you can expect:

1 - Homebuyer
Contact loan originator for financing information
Gather information needed for your application
Begin the search for your new home

2 - Mortgage Loan Originator
Assists you in completing the loan application
Discusses qualifying, monthly payments and cash needed for closing
Explains various loan programs available and quotes interest rates
Communicates documentation requirements
Answers any questions you may have throughout the mortgage loan process

3 - Processor Communicates with you on items necessary for your loan closing
Pre-underwrites and prepares loan for approval
Works with all parties involved with the mortgage loan process

4 - Underwriter Requests any additional documentation needed from you
Works directly with loan originator and processor to approve your loan
Renders final decision on your loan

5 - Closer Assembles package for your closing day
Sends package to the closing agent's office

6 - Closing Attorney Contacts you for your Home Owner's insurance information
Prepares Settlement Statement and emails to the processor for review
Processor contacts you to review the settlement figures and cash for closing prior to closing

7 - Closing Takes place at closing agent's office
Bring a certified check to closing and any other documentation required by lender or closing agent
Bring Homeowner's Insurance with paid receipt for one year
CONGRATULATIONS on your purchase or refinance!

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