After submitting the application, the lender of loan officer will check you:
- Credit reports
- Income figures from the previous years
After clearing all the documents related to the above pointers, the loan officer will tell you the missing information that is required for completing the documentations. If there is no additional or missing documentation required, the summary of the loan proposal will be sent to the higher authorities for analysis.
After the submission to the loan committee is completed, they will analyse the case and send a letter of interim or term sheet to you. It is just make sure that both parties are on the same page and have the same intentions for the particular cause.
Unless you are using a broker, you will have to figure out the fees, requirements of different lenders and best terms that will benefit you the most. You will have to choose the options provided in the offer that is presented in the offer letter; different packages will be offered considering the whole application submitted by you so it is better to hire a professional analyst to make a best decision.
At the end, if the loan is approved, your closing agent will order title insurance, deed transfers and mortgages and coordinate the exchange of funds. He will also assist you in signing the documents. Cashier of the lender will fund the loan through a cheque and make an electronic or wire transfer of the amount.