Loan Process

8 Steps to a home

Premier Nationwide Lending feels the homebuying process should be transparent and stress free. Below you will see the 8 step loan process you will encounter when buying a home. If you have any questions concerning the home loan process, please contact your Premier Home Mortgage Loan Expert who is on standby ready to assist you with your home mortgage needs.

Eight steps to a home.

1. Pre-qualification Pre-qualification is usually the first step after initial contact is made to the lender. When pre-qualifying a borrower, the lender gathers information about the income and debts of the borrower and makes a financial determination about how much house the borrower may be able to afford. Wondering about your credit?

2. Application The application is actually the beginning of the loan process and usually occurs between days one and five of the loan. The borrower completes a mortgage application with the loan officer and supplies all of the required documentation for processing. Various fees and down payments are discussed at this time and the borrower will receive a Loan Estimate, which itemizes the rates and associated costs for obtaining the loan.

3. Opening the File This occurs between days 3 and 10. At this time the lender orders a property appraisal, title insurance, property survey, and credit reports, mails out requests for verifications, such as employment, bank deposits, rent, and any other documents needed for processing the loan. All information supplied by the borrower is reviewed at this time and a list of items not yet received is compiled.

4. Processing Processing occurs between days 5 and 25 of the loan. The processor reviews the credit reports and verifies the borrower’s debts and payment histories as the VODs and VOEs are returned. If there are unacceptable late payments, collections for judgment, etc., a written explanation will be required from the borrower. The processor also reviews the appraisal, survey, and checks for property issues that may require further discernment. The processor’s job is to put together an entire package that may be underwritten by the lender.

5. Underwriting Lender underwriting occurs between days 15 and 25. The underwriter is responsible for determining whether the combined package received by the processor is deemed as an acceptable loan. If more information is needed, the loan is “suspended” and the borrower is contacted to supply more documentation.

6. Pre-Closing Pre-Closing occurs between days 20 and 30. The file has come out of underwriting and all conditions are being cleared. Once this has been achieved, a closing time is scheduled.

7. Closing Closing usually occurs between days 20 and 30 of the loan. At the closing, the lender funds the loan with a cashier’s check, draft, or wire to the selling party in exchange for title to the property. This is the point at which the borrower finishes the loan process and actually buys the house.

8. Move in!

Residential Mortgage Loan Originators

15 years experience as a mortgage loan officer and branch manager.


Loan Center

Checklist

What you will need to ensure a smooth home mortgage process.

Loan Options

There are several loan options available when purchasing a home.

Down Payment Assistance

Find out more about special programs and who qualifies.

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Testimonials

Joe Stiles walked us through our home financing process with patience and attention to detail. He was available to us for questions and provided honest feedback. We appreciate Joe and his diligence to see us through this potentially overwhelming step into home ownership. We highly recommend Joe Stiles!

Bo & Laurie T.

A big thank you to Joe Stiles who was so helpful in our recent home-buying experience. He was very pleasant to work with and made the process enjoyable with his friendly, humorous manner. We found him to be very knowledgeable as he helped us navigate through this process successfully. His helpful guidance enabled us to hit our target closing date. Thank you Joe.

Jay and Kathy S.

Joe Stiles had been nothing less than wonderful during my loan process. He helped me purchase my first home and it closed in less than 30 days. He's definitely a notable person to work with.

LaShawnda J.

As a first time home buyer I was worried. I've heard horror stories of how stressful of a process it can be. Joe was GREAT! He was always ahead of the game. He gave good pointers of what I could do to help things run smoothly. He truly made buying my first home that much more enjoyable of an experience. Thanks Joe!

Rachael M.

We have refinanced our home many times. Joe Stiles is the best loan expert we have come across in this crowded market place. He takes great care of his clients by following thru his commitments. I would recommend Joe to anyone who needs a mortgage loan.

Satish & Uma S.

It was a long arduous road to travel, on the journey to owning my new home. I could not have asked for a better companion than Joe Stiles.There were points I was ready to throw in the proverbial towel. Joe's assurances that everything would work out, were comforting. With so much new regulation, it is so important, now more than ever, to work with a Professional who knows all the ins and outs of the mortgage process. Thank you Joe!

Brian D.

My wife and I recently closed on the purchase of our home, needless to say one of the most important decisions in life and at the same time one of the most stressful experiences to go thru. However we were very lucky in having worked with Joe Stiles to secure our mortgage loan. Mr. Stiles was very professional, very knowledgeable and also very patient in explaining everything we needed to understand, while at the same time very mindful of timelines to meet and keeping us informed at all times. I would certainly work with Mr. Stiles again and would verify his excellent professionalism and industry knowledge to anyone who is looking to secure a Mortgage Loan.

Michael & Vicki

After my divorce I had to refinance my house to put it solely in my name. Mr. Stiles helped me out by walking me through all the necessary steps. He was very patient and willing to work with me to get the best possible refinance that I was able to get.

Alex L.

A little over 10 years ago, Joe Stiles guided us through the process of buying our dream home. This year, he walked us through re-financing our home and made it painless. We appreciate his attention to the details, which made it all possible. Joe brings a personal touch and really cares about his clients

Tom & Amanda S.

During a stressful time in becoming a new home owner, Joe Stiles was there to help me through out the whole process. He was very knowledgeable and had great advice along the way. He instilled a confidence and reassurance in me that I'm afraid another lenders may not have taken the time to do. I am now loving my new home and could not have done it without him. I have already recommended him to several friends and co-workers!

Audrey C.

If you are looking for a trustworthy, economical and fast loan expert, look no more because you have just found him. Joe Stiles, a man of integrity and commitment to his clients, as well as the most patient man is a phone call away. As this is my 1st time buying a home I was clueless to most of the process but his detail oriented self got me through this process with much confidence. Thanks Joe! You did an outstanding job of getting my loan process done and I appreciate you so much. You have helped make my dream come true!!

Hannah H.

Tom and I cannot being to thank you enough for making our mortgage process so painless. To be honest, I was dreading that part of our move as we're both so busy and it's so time consuming. But your professionalism and thoroughness were evident throughout the process and resulted in a seamless closing. We really appreciate you and your guidance!

Jennifer & Tom L.

Joe Stiles and the team at Premier Nationwide Lending are great to work with. Joe and the team were there for me throughout the whole process. If anything arose they jumped right on it and that helped the loan process move along very smoothly. I would highly recommend Joe Stiles and the PNL team to anyone!

Travis G.

Buying a new home in the right area takes a lot of time and research. Getting our loan approved was the easiest part of this major transition because Joe Stiles was quick, efficient and flexible to meet our needs. Not to mention he got us a super low interest rate. He showed up at closing with a gift for me! I felt like we should have had a gift for him!! Thank you Joe Stiles!

Anji & Josh M.

Joe Stiles came highly recommended and rightfully so. Joe's expertise and attention to our needs provided us with the confidence and competency needed in the complicated world of financing a property. With Joe's help we not only purchased a house but a home

Rene & Eleanor

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