Loan Process Overview &
Frequently Asked Questions
 

Following are the steps in the loan process and answers to frequently asked questions:

• Application, Authorization Form and two forms of Identification will be submitted with supporting documentation, which may include tax returns, W2’s, pay stubs and bank statements.
   
• “Locked” interest rates are limited in time, usually 30 to 45 days and cannot be changed unless the lock expiration date is missed, in which case, rates are subject to increase.
   
• OrangeCountyLender.com or your Real Estate Professional will order the Title report and appraisal.
   
• Appraiser will contact you to arrange a date and time to appraise the property. Appraisals for refinances are paid COD at the time of the appraisal visit. Appraisals for purchases are billed at closing – however, if you choose to cancel the transaction with OrangeCountyLender.com, you will be responsible for any appraisal costs incurred.
   
• You will be notified when your loan is underwritten and approved.
   

• The lender may ask us for additional “conditions” for completing your loan. This is very common and we will call you to obtain any further documents that may be required.
   
• You will receive a packet of information and disclosures from the lender. Lender information sent to you does not require any action on your part.  It is for your files only. The Good Faith Estimate are “estimates” and subject to change as necessary.
   
• Final loan documents are sent to the Title Company for signing. You will be contacted to arrange for a time to sign documents at the Title Company. Funds may or may not be required at the time of signing.
   
• Documents are returned to the lender for review.
   
• Your loan funds are wired to the Title company and dispersed as indicated.
   
• The new loan is recorded with Public Records.
   
• Our office will send your appraisal and a copy of the HUD-1 for your tax records.