Compass Point Lending is ready to meet your lending needs in Washington, Oregon, California, Utah, Idaho, and Alaska.
Overview
Below is a basic outline of the loan process from start to finish. Note that each transaction is unique and may take a slightly different path. Here's how the process works:
Submit an Application
With the busy lifestyle of today we understand most people are hard pressed to find the extra time to sit down face-to-face with a loan officer. Email, the internet, faxing and even snail-mail are feasible vehicles (along with the ever-present Ma Bell) to compile the information needed for your application.
Supply Documents
Once received, the information will need to be verified with backup documentation. Not all loans will require the same documents; the lender will ultimately determine what is needed. It is always a good idea to have a current pay stub and current bank statements available since they are the most common items requested. You will also need to sign a loan package which, among other things, outlines your rights as a consumer and gives Compass Point Lending written authorization to pull your credit, order title and appraisal, etc.
Documents are Reviewed
Checklist:
1.
Receive application information
2. Confirm back up documentation
3. Sign and return loan package
We should now have preliminary loan approval.
Lock a Rate
Once your loan has been approved with a lender a rate will be locked. With the changing market it is often times more prudent to rely on your loan officer to determine when the exact time to lock is best. Our loan officers are trained to watch and understand the idiosyncrasies of the market. You have put them to work to look out for your best interest (and in this case, interest rate).
Loan is Processed and Underwritten
As paperwork is received, your file will be processed and reviewed by a lender. When all documents, title work and the appraisal are in place, your loan will be reviewed for final approval. Once your loan has been approved and the interest rate locked, we will process and send the closing documents to escrow.
Meet with Escrow Agent
Your escrow company will set up a closing date for you to review and sign the closing documents. An escrow agent will provide your final closing figures at the time your appointment is set.
Your money is available!
Your loan will be funded within one to two business days after your closing documents are signed. (note: refinances have a three-day recission period and fund on the fourth business day after signing).
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