STEP 1. DISCLOSURES
You will receive a full set of initial disclosures containing the preliminary numbers of you mortgage and other required documents. It is important to keep in mind we usually do not have all the information we need at this time so many of these figures are estimated to the best of our ability.
STEP 2. DOCUMENTS REVIEW
Income verification is typically done with with paystubs that cover the last 30 days, W2s ,and a verification of employment from your employer. The last 2 years tax returns are required for self-employed borrowers.
Asset verification is typically documented by providing a bank statement that covers the last 60 days of checking and savings accounts. All assets must be liquid funds or we must prove that they have been converted to liquid funds.
Credit verification is typically done very simply by running your credit. Any late payments, judgments or other irregularities will need to be documented and explained.
STEP 3. APPRAISAL
We will do order your appraisal, the appraisers are NOT employees of Pacific Union Financial. We do want our vendors to represent the same principles and values as we do. It typically takes the appraiser about 14 days to get a report back to us.
STEP 4. ESCROW AND TITLE
The escrow company will act as the middle man of the transaction. They ensure the correct amount of money goes to the appropriate parties. We will also order a title report through our approved third-party vendors. The title company will typically have us the report within 7 days and we will inform you if there are any potential problems.
STEP 5. UNDERWRITING
We underwrite all of our own loans and employ only the best underwriters. Once we have all of the above documentation, we will have our underwriter review them to ensure it conforms with all guidelines. It is our goal to request everything up front to eliminate any surprises during the loan.
STEP 6. UPDATES
It is one of our primary goals to provide you with information before you have to ask for it. We will send you frequent updates to let you know the status of your appraisal, underwriting, etc. and to let you know if we need any additional information. We will do a pre-closing review call with you a few days prior to closing simply to ensure you have everything you need to have a happy and relaxed closing.