The Loan Process

The Loan Process What happens and when? Where is all my information? Step one • Gathering of Documentation. • This step includes getting all information to Rincon Ventures • This information is then processed in to your loan application, and your file is built. Step one Continued • Your complete loan file is completely built, you are then contacted and a meeting is set up in order to confirm your information and finalize your rate and terms. • You then will sign your loan application, confirming all information is correct and additional services are ordered. Additional Services AppraisalThis will determine the value of your home or new purchase. Cost: $300-$450 TitleThis will ensure you are receiving a clean title and that there are no judgments or liens against your property. Additional Services Cont. • Home Owners Insurance This is exactly what it sounds like. You will carry a policy to protect you from accidents or any mishap that may occur on your property. Remember, you own the whole parcel and are responsible for its safety, upkeep and general condition Additional Services that may be asked for by the bank Verification of Employment (VOE) This is done usually by a phone call. It simply confirms the information you gave in regards to your employment Verification of Deposit (VOD) This is used at times to confirm balances of your asset accounts. Step Two Your file at the bank This is the time where the Bank puts your file into a system to be assessed. The file will be scrutinized in regards to risk vs. reward for the bank. Underwriters are trained to find the risks to the lender, and their main job is to protect the bank and keep them with in the guidelines they have set forth. This process can take up to 5 days, depending on the current load at the bank  Step Two Continued     When approved, the underwriter will then send your Broker, Rincon Ventures, what is called a stip sheet. This form is an APPROVAL! What is it saying to you and the broker is this: “We will fund this loan if you fulfill these conditions”. Conditions can take anywhere from 1-3 days depending on what is asked. IE. A Verification of Deposit takes longer then a Verification of Employment. Step Three—Doc Department The document (doc) department will receive your file once all of your conditions are met and approved by the underwriting department  This step of the loan will take all the information from your file and transfer it to the legal documents you will need to sign in order to complete the loan  Step Three Doc Department Cont This department simply makes sure that all of the document signed will meet the legal standards in order to protect the bank. These documents include the following       Deed of Trust Your Note (loan) All disclosure documents Recordation Documents Loan Documents State and Federal Specific Forms Step Four – Title Once all the documents are prepared and ready to go, they are sent electronically to your title agency. Where the Doc Department protects the bank, the Title Company Protects YOU. If you remember on your good faith, you saw many different charges from title. These fees are used to protect you, it the fee they charge to oversee your investment Step Four – Title Cont The title department will then organize a time and place, via your broker, to sign your documents. When you arrive at title you should have the following: Cashiers Check for Down Payment and Closing costs Two forms of ID. Drivers License and SS card are best if that is not possible, two forms of photo ID will suffice Step Four Title Continued Your time at title rarely will last more then one hour. Rincon Ventures Preferred Title Companies are Title Security Agency- Janel Pilgrim and Ticor Title- Joann Bersell. Your location is simply determined by your geographical location. If you have a title agent already, we are more then happy to use them also Step Five Closing Department  The final step of the loan occurs within 24 hours  This Step includes Recordation and funding of your loan  Once title receives the proceeds from the loan, you receive your keys and the ok to start your new life in your new home.! CONGRATULATIONS!!! Any Further Questions are welcome Please call Ken Adams At 520-881-2258 Or 520-591-8644