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MyOwnArizona™ Network of Loan Lenders Process for Phoenix AZ

Phoenix Loan Pre-Qualification

Home Loans Online in Phoenix AZ Homes Loan Phoenix Online ArizonaPre-qualification occurs before the loan process actually begins, and is usually the first step after initial contact is made. The MyOwnArizona Network Phoenix lender gathers information about the income and debts of the borrower and makes a financial determination about how much house you the borrower may be able to afford. Different loan programs may lead to different values, depending on whether you are qualified for them, so be sure to get a pre-qualification for each type of MyOwnArizona Network Phoenix Mortgage program you are suited for.

 

Phoenix Mortgage Loan Application

The application is actually the beginning of the loan process and usually occurs between days one and five of the loan. You, the buyer, is now referred to as a "borrower", completes a mortgage application with the MyOwnArizona Network Phoenix 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 Good Faith Estimate (GFE) and a Truth-In-Lending statement (TIL) within three days that itemizes the rates and associated costs for obtaining the loan.

 

Phoenix Loan Processing

Processing occurs between days 5 and 20 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 is required from the borrower. The processor also reviews the appraisal and 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.

 

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Arizona Agents, Arizona Lenders, Arizona Title, Arizona Escrow, and Arizona Inspectors are all important members in the Arizona real estate purchasing process. They must be the highest level of service and they must work together as one. Your Phoenix MyOwnArizona realtor is the best coach in assembling the MyOwnArizona Team. The top Arizona realtors serving the Phoenix area in the industry. Let our MyOwnArizona business professionals be of assistance to you and your needs.


Email us at: info@MyOwnArizona.com for Arizona real estate.

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