The loan is sent to underwriter for review. This occurs after all documentation is received and the loan file is complete. Credit Approval Borrowers maximum loan amount is identified. The upper boundary of the sale price is then set. The offer to buy is submitted.
Seller accepts the offer.
The Loan Officer gets an appraisal to determine the value of the property. A Title search is conducted to determine any liens or encumbrances on the property. An escrow account is opened. Final Loan Approval A written loan approval is issued by the underwriter. The request for the closing documents are made.