The Processing Phase

Processing begins when we receive a copy of your sales contract signed by both parties and it usually comes from the title company.  This informs us that you are moving beyond pre-approval and wish to obtain financing for a specific property.  If we have not already done so, we will collect a check from you at this time to cover the estimated cost of the appraisal.  Sometimes it is necessary for us to cash your check to pay the appraiser before doing the appraisal, but otherwise, the check will be returned to you uncashed at closing and the cost of the appraisal will be included in your closing costs. 
 
During the Processing Phase, two main things are happening simultaneously.  We are working with our investors to obtain underwriting approval for you which is why we may need to ask for additional documentation.  You will also have the opportunity to lock your interest rate and terms so that they are guaranteed until we close and fund your loan.  At the same time, the property itself is being thoroughly evaluated from several angles:
  • You inspect the property to make sure it meets your expectations
  • You order a termite inspection if you choose to (required on VA loans)
  • We order the appraisal to make sure market value supports your loan
  • We order the title commitment to make sure you have clear title
  • We order evidence of insurance to make sure it will be in place at closing
  • We order a new survey or obtain an existing survey from the seller

We know this is a lot to remember, but luckily, you don’t have to.  We will manage the process from start to finish, and keep you well informed along the way.  Phase 2 ends when we obtain Final Lender Approval and we receive the “Clear to Close” notification. 

Phase 3 is Closing & Funding. 

    

Chad Bowman
Mortgage Broker #74698
(512) 646-0800

Email Chad

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Bowman Finance, LLC
7217 McNeil Dr., Ste. 109
Austin, Texas 78729

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