The Home Loan Process

Initial Evaluation Scheduled

Homebuyer contacts TILA Mortgage and a pre-qualification interview takes place. Homebuyer’s income, employment, assets, debts and credit history are discussed. TILA mortgage loan originator gives a home purchase price estimate to the buyer based on this information.

Application

Formal loan application is completed, credit history is pulled and homebuyer’s income and asset documentation is submitted for Pre-approval to our local underwriting department.

House Shopping and Offer

Pre-Approved home buyer begins shopping for a home with their Realtor and writes an offer when the desired home is found. Earnest Money check is written at this time.

Finalize the Loan Terms

Offer is accepted, mortgage loan originator and home buyer finalize terms of financing for their loan program, and an interest rate can be locked in at this time. Home inspection process is completed as well.

Verify Property Details

The TILA Mortgage production support team orders the appraisal, title report and opens Escrow.

Homeowner’s Insurance

Homebuyer shops for and secures home owner’s insurance – Team TILA orders the insurance binder.

Final Approval

Loan conditions are submitted to underwriting for final approval.

Prepare for Closing

TILA orders the loan documents to be delivered to the escrow company in preparation for closing.

Review the Settlement Statement

Escrow prepares the settlement statement and provides a copy to TILA for review. Homebuyer is contacted by escrow to schedule a signing appointment. Signing generally occurs a few days before the closing date. Be sure you notify your loan officer early in the transaction if you will be out of town around your closing date.

Signing Appointment

Home buyers sign the loan documents at the escrow office and provide funds for closing in the form of a cashier’s check or wire. Signed documents go back to the lender for review.

Funds are Released

On the closing date, the lender wires funds to escrow and releases escrow to record the transaction with the local county courthouse.

Transaction is Complete

Buyer takes possession of their new home! Realtors arrange for the keys to be turned over to the new owners!