Ray and Nimi Office: 651-486-5628 Cell: 651-398-6261 Res: 763-795-8979 Fax: 651-483-3681

Questions to Ask When Pursuing a Loan
Things to Consider When Buying a Home
How to Choose the Right Mortgage
The Home Financing Process

What To Expect

Steps required to process your loan:

1. Borrower makes application with Burnet Home Loans loan officer
2. Loan file goes to processor
3. Verification process begins *
   • appraisal
   • credit report
   • verification to employer
   • landlords letter
   • gift letter
   • child care provider
   • verification to lenders
   • verification to bank
   • title work
4. All information is sent back to processor and is compiled.
5. File goes to underwriter for review. The file is approved with conditions or more information is requested.
6. Upon approval the file goes to the mortgage company's closer to prepare instructions and documents for closing.
7. File goes to the title company who represents the lender and buyer at closing. The title company prepares the final costs when the loan has been approved and scheduled to close.

* Many loan types and programs allow for Alternative Documentation in place of the usual Verifications of Employment, Verifications of Deposit and Verifications of Rent or Mortgage. By providing your Burnet Home Loans Loan Officer with the necessary Alternative Documentation, or "Alt Doc", you may be allowing for an immediate decision on your loan. As income, assets and debt must be verified to make a loan decision, the process of "Alt Doc" may very well nullify the need for verifications to be sent out, filled out and returned. Getting these verifications returned is often the reason for delays in the mortgage process. So, any amount of "Alt Doc" you're able to provide is likely to speed up your loan process!

**Note: Rates may be locked anywhere during this process until five days prior to closing.

Information provided by http://www.cbburnet.com

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Ray and Nimi Singhal  (651) 486-5628 direct  Coldwell Banker Burnet 100 Village Center Drive St. Paul, MN 55127 (763) 795-8979 res CRS, ABR, GRI, e-Pro 500, ESA, SRES Platinum Producer (top 1% nationally)