Lending Process Lending Process
This is simply doing a full application and turning in the necessary financials so that you can obtain a full preapproval and start house hunting.
Find A Local Real Estate Agent
House hunting can be a very tough process especially with all the competition around the Puget Sound region and other parts of the state. Make sure you get a Real Estate professional who understands how to get your offer accepted especially when the market is super competitive.
If you don't have one we will recommend someone for you. If you have one already please share with us their name, number and email so we can send them your preapproval letter. Click here for help finding a Realtor
Once you found your home & your contract has been accepted, we then go into your loan terms & lock in your interest rate, input fees to issue your official Loan Estimate & see when your home inspection will occur.
Once you are through your home inspection, we will then order your appraisal which currently runs 14 business days (This does not include weekends). Turn times can change from year to year.
Sometimes under certain circumstances we will order your appraisal before the home inspection. It all depends on what you discuss with your Real Estate professional and what we need to do to meet your close date on your contract.
Turn In Your Approval Conditions
While the buying process is going on you will constantly be turning in your financial conditions of your loan approval and choosing your insurance carrier in an effort to get to what is called CLEAR TO CLOSE, or CTC. (Getting clear to close is the goal which means you’ve met all the final requirements of your VA home loan)
In a lot of cases we can have your CD=Closing disclosure issued at the beginning of the transaction to avoid the 3 day wait that is needed after signing this document. (This can save us in a pinch and shorten the closing time frame of the transaction allowing you to close earlier than expected if we need to.)
Balancing And Docs
Now all of your home loan conditions are signed off & you are clear to close aka (CTC). This is where we begin to wrap up the process and begin the balancing process in an effort to get your fees all trued up so that loan documents can be generated for you to sign with escrow. Escrow will reach out to you to sign & bring in any necessary funds to close on your home in the form of a cashier’s check or a wire. (Make sure that if you go anywhere during this time frame and or on vacation during this time please let us know so we can plan accordingly!)
Your loan records at the County (occurs around 5pm or sooner depending upon your county and on your closing date per your contract. This is where you get to pick up your keys and move into your home per the date on your contract) THE BEST PART OF OUR JOB IS SEEING THIS! Make sure to discuss with your agent where to pick up your keys! Congrats you’ve made it through the VA home lending process!