Let’s have a look at each step of the loan process.

Pre-Qualification:

During the pre-qualification stage, the team from Sonic Loans will collect information about the property, your assets, income, and credit. Through a pre-approval letter, you will come to know about the loan amount for which you qualify.

It makes sense to know the amount you qualify for so that you start looking for a home accordingly. For individuals looking to refinance the loan on their current home, the pre-qualification stage helps in deciding if refinancing is the right option.

Application:

After you have chosen a home to buy, your first step should be application. Some lenders rely on the verbal mortgage, whereas the others have a secure online portal for this purpose. The process also includes the submission of supporting documents.

Underwriting:

The role of an underwriter is to verify your documents and review your credit report. He/she will check the status of your employment, payment histories, and debts. An underwriter also reviews the property issues, checks, appraisals, and surveys.

It is after the approval by an underwriter that you will receive conditional approval. If the conditions are cleared, you can expect the loan to be approved. The conditions include homeowners insurance, additional documents, and specific conditions related to your loan and property.

Loan processing;

To assist you in collecting supporting documents, the lenders assign a loan processor. Such a professional also helps in clearing conditions set the underwriter so that your loan inches towards closing.

Closing:

After the successful processing of your loan, the lender approves the loan. The closing is done at the place of your choice. Most of the individuals prefer closing at their home.

A purchase closing, on the other hand, occurs mostly at the office of a title company. The closing agent receives the loan amount through a wire, draft, or a cashier’s check. The appropriate parties then receive the funds from the closing agent.

About Sonic Loans:

With the years of industry expertise, Sonic Loans specializes in home loans that are tailored as per the buyers’ needs. Due to its exceptional services and client satisfaction, Sonic Loans has received an A+ rating from the Better Business Bureau (BBB). Just fill in the online form by this mortgage firm to know the best options as per your requirements: https://www.sonicloans.com/purchase. Feel free to call at this number in case of any query: (888) 505-2231