Ryan's Mortgage Blog:
Hello Everyone....I am very excited to say I am finally back from the Bay Area. As for the market...interest rates are still a bit shaky depending on the lender. While conforming rates rose a little since I last noted, non-conforming/jumbo rates actually stayed the same or even dropped slightly.

For this blog I thought I would post "The Life of a Loan". This is just an example, not all steps are always followed in this order so don't worry if your process doesn't go exactly in this order.

1 - Fill out and sign the loan application.
2 - If applicable, supply all supporting documentation.
3 - If applicable give credit and appraisal fees to loan partner (check made out to 3rd party).
4 - Credit Report is ordered
Appraisal is ordered
Escrow is opened and check is requested
Preliminary Title Report
5 - Loan Approval - All conditions will be gathered from borrower and submitted to lender for approval.
6 - Conditions approved and accepted by lender.
7 - Loan Documents will be ordered and submitted to escrow for signature. Clients and Realtors are called.
8 - Estimated closing costs ordered from escrow for review to ensure expectations are met.
9 - Loan Docs are received by escrow company and borrower is notified to set-up a signing time and location.
10 - Docs are signed and sent to lender to set-up closing.
11 - Funds needed to complete the transaction must be in escrow four days prior to closing.
12 - Loan is funded.

If you have any mortgage questions or comments contact me at RBaker@PeregrineLending.com