The loan application and accompanying forms allow the loan officer to gather essential information relating to your loan. Additionally, at the point of application, the borrower normally supplies the loan officer all the necessary documents and records required for loan submission.

2. Loan Selection & Lock

After consulting with the client(s) and reviewing all loan documents, the loan officer will identify several loan options best suited to meet the clients short and long term goals. When the best loan is identified, the loan officer will lock the interest rate with the lender for 30 to 45 days depending on loan requirements.

3. Order the Appraisal

An appraisal is a requirement for most loans and it represents a professional appraiser's evaluation and estimate of.

4. Open Escrow and Order Title Preliminary Report

Lender Good Faith Estimate (GFE)- By law, the lender is required to send a Good Faith Estimate to you. This GFE may not reflect the same numbers as the GFE provided. Please note, the GFE provided to the client represents the truest estimate of the loan fees and will be used as the guideline for the loan.

5. Process The Loan

Before a loan can be submitted for lender approval, the processor must assemble a completed loan file that includes required lender documentation. Items listed below reflect a sample list of loan documents required for processing:

Application & Forms

Mortgage Statement & Insurance

Preliminary Title Report

Escrow Instructions

Verification of Employment

Verification of Deposit

Federal Taxes & W-2's

Full Factual Credit Report

Appraisal

Verification of Mortgage

Bank Statements & Account Info.

Good Faith Estimate

6. Submit Completed Loan File

After the loan has been processed, it is submitted to our underwriting department for confirmation and verification of all the information submitted. Normally, underwriting requires 3 to 5 days.

7. Loan Approval

If the loan is approved, a representative contacts the borrower and notifies them of loan approval and if there are any loan conditions.

8. Loan Conditions

Although a loan may receive lender approval, it is common that various conditions be assigned prior to funding the loan. For example, common loan conditions may require the borrower to supply recent bank statements, pay off credit cards, or supply updated pay stubs.

9. Ordering & Signing Documents

Once loan conditions are met, loan documents are ordered, reviewed by Gulfstream Finance, and forwarded to escrow. The escrow officer then normally contacts borrowers and an appointment is set to sign loan documents.

10. Funding The Loan

Signed loan documents are returned to Gulfstream Finance for final review and confirms all signatures and documents and normally may fund the loan within 48 hours.

11. Recording The Loan

Once the loan is funded via a wire transfer, it is escrow's responsibility to record the loan with the county assessor's office. This may occur the same day the loan is funded, but typically loans are recorded the day after funding.