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The Loan Process Print E-mail
Step 1 – You Purchase your New R.C. Hobbs Home

Your R.C. Hobbs Sales Agent will provide you with a R.C. Hobbs Mortgage Prequalification form. He or she also will open your Escrow/Title account and hold your deposit as a downpayment for your new home.

Step 2 – Your Loan Application

Your R.C. Hobbs Sales Agent will provide you with a R.C. Hobbs Mortgage Home Loan Application Packet. This packet contains important information about your R.C. Hobbs Mortgage Loan Specialist, helpful hints about buying a home, loan disclosure documents, and your home loan application. The application must be completed and submitted to your Loan Specialist with proper documentation in order to assure a prompt reply.

Step 3 – Your Loan Application is Reviewed

Your Loan Specialist and Loan Processor will review your loan application and may request verification or additional information to assist in a smooth loan process.

Step 4 – Your Good Faith Estimate and Truth in Lending

After your Loan Specialist receives your loan application, you will be sent your Good Faith Estimate and Truth in Lending statement. The Good Faith Estimate provides an estimate of your closing costs, mortgage payment, and other applicable fees. The Truth in Lending statement provides an estimate of your Annual Percentage Rate, finance charge, and total amount paid over the life of the loan. This information may change if any changes are made to your loan program, interest rate, closing date, etc.

Step 5 – Your Loan Goes to Underwriting

Your loan application will be examined by an Underwriter to assure that your income, credit history, and debt are within the limits of your selected loan program. Your Underwriter may request additional information (conditions) in order to confirm that you meet the loan’s requirements. Your Loan Processor will notify you if any conditions are required before the close of your loan.

Step 6 – Your Loan is Approved

You will receive an approval letter after your loan is approved. This letter will list the significant terms of your loan and will identify any conditions that must be satisfied prior to closing your loan. All conditions must be submitted to your Loan Processor as soon as possible in order to avoid delays in the closing of your loan.

Step 7 – Your Interest Rate is Locked

Your Loan Specialist will discuss current interest rates with you during your loan process and will assist you with determining the appropriate time to lock the interest rate on your home loan. Your interest rate must be locked before your loan documents can be finalized and ordered.

Steps 8 & 9 – Your Loan Documents are Ordered and Reviewed

Your Loan Processor will order your loan documents after all of your loan’s conditions have been satisfied and your loan has been locked. These documents will be sent to Escrow/Title for further review.

Step 10 – You Sign Your Loan Documents

Your Escrow/Title Agent will make an appointment with you to sign your loan documents and will notify you of the amount of money you need to bring to closing. You will receive a copy of your final loan documents at this meeting.

Step 11 – Your Loan Funds

Escrow/Title will balance your account and fund your loan after your loan documents have been signed.

Step 12 – Your Loan Documents Record and Your Loan is Closed

After your loan funds, all necessary loan documents are sent to your title company for recording and your loan is closed.

Step 13 – You Receive the Keys to your New R.C. Hobbs Home

Congratulations! You are ready to move into your new home!