Santa Clarita mortgage lender discusses lending process
From demand to escrow, officials at American Family Funding, a mortgage lender in Santa Clarita, explain the steps involved in getting a home loan.
The home loan application process may seem daunting, but American Family Funding, a Santa Clarita mortgage lender, has helped break the process down into small, concrete steps.
“The first step in obtaining financing for a home loan is to complete a loan application,” said officials at American Family Funding.
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When submitting a loan application, a “Fannie Mae 1003” or “Uniform Residential Loan Application” form will be required. Once this is submitted, the Santa Clarita Mortgage Lender’s loan officers will “make an appointment to meet with you in person or by phone to help obtain all the personal and financial information necessary to start the loan process.”
During this initial meeting, clients can expect to learn about the various loan options available to them.
“We will also discuss the different loan programs that may meet your needs, the interest rates available, and the financial and real estate qualifications for the loan program you have chosen,” explained officials at American Family Funding.
Once clients decide on a loan, the next step is to verify the information they submitted. This involves filing additional forms to verify employment history and bank account information. It also involves obtaining a credit report, ordering a preliminary title report from the title company, and filing for appraisal.
“Once we have gathered all the necessary information, we will compile your loan documents and submit them to the underwriter for final approval,” officials from the Santa Clarita mortgage lender said.
At this point, the loan can be approved.
“Your loan can be approved as submitted, approved with conditions, or a counter-offer can be made for your consideration,” officials said. “If there are conditions on the loan for it to be approved as submitted, we will work with you to meet those conditions. “
These conditions usually involve filing additional documents to explain any irregularities or unusual circumstances that may apply to a client’s initial filing, such as “a letter of explanation, copies of investment documents, copies of divorce papers. or any number of items that may help clarify your qualifications for the loan.
Once the loan is fully approved, the lender “will prepare the necessary paperwork as well as any conditions (pre-financing) that have not yet been met,” American Family Funding officials said. “In most cases, (the lender) will send (these documents) to a securities or escrow company near you or to your lawyer to be signed by you.”
Finally, the loan process will be closed, usually by the escrow agent, lawyer, or lender.
“This person or company is responsible for putting together all the necessary documents (trust deed, promissory note, etc.) and making sure all documents are signed,” American Family Funding officials said. “Following the instructions of the lender, the receiver, lawyer or lender then calculates the various pro-rata, fees and adjustments, … ensures that all funds are deposited (if any) and provides you with a settlement statement showing all the costs involved in the loan.
This same person or company will also ensure that all parties involved receive their funds once the loan is processed. The loan will then close the escrow and the new loan “will be registered,” officials reported.
American Family Funding officials have warned that the loan process may vary depending on where the filer lives.
For more information on navigating the loan process, interested parties can contact the Santa Clarita Mortgage Broker on their website or by calling them directly at (661) 284-1150.
Ed. Note: This article is a KHTS Community Spotlight for Funding American Families.
American Family Finance a division of the American Pacific Mortgage Corporation NMLS # 1850
David cantrell NMLS # 1427091 – Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act.
About American Family Funding, Your Resource for Santa Clarita Mortgages
Santa Clarita Mortgage lender American family financing can help make your dream of homeownership come true. A much appreciated mortgage lender in Santa Clarita, American family financing emphasizes community engagement and is committed to giving back wherever possible. A friendly Santa Clarita mortgage advisor will do it first-time buyer have a simple and stress-free experience, even with bad credit or one low down payment. Unlike some mortgage companies in Santa Clarita or some mortgage brokers in Santa Clarita, the mortgage officers at American family financing also specializes in VA loans, reverse mortgages, refinancing and the STAR loan program. If you’re looking for the best mortgage lender in Santa Clarita or a “mortgage lender near me,” contact American Family Funding today.
American family financing
28338, chemin de la Constellation
Valencia, CA 91355