At a glance, the loan process may seem complicated. The good news for you, as a Sierra Pacific client, is that we make your involvement as simple as we can. The first step in the loan process is prequalification—how much you can borrow based on your income and debts—and the selection of the right loan program for your financial situation and the home you want to buy. From there, with the assistance of one of our loan officers, you will complete the loan application and provide the requested documentation.
After the loan application is complete, we'll deliver a loan estimate, which gives you all the details, from interest rates and monthly payments to estimated costs for insurance and taxes. Note, this isn't an approval or denial of a loan, just giving you the terms! If you decide to move forward, the loan moves into processing. At this point, the ball is in our court, although you may get a request for other documents.
Assuming all of the steps have gone smoothly, including appraisal and underwriting, you'll receive closing disclosure forms for review several days before the closing date. With a cashier's check for the down payment and any closing costs, plus identification and proof of insurance, it's time to sign. Finally, your loan officer will let you know your loan has funded, documents have been recorded with the county recorder—and it's time to move in.