When you choose your new home, you’ll sign a sales contract that outlines the terms of the purchase and specifies the property address. Once this has been completed, a Standard Pacific Mortgage Loan Officer will get in touch to set up a good time to meet and get your loan application started. Together, you’ll look over the application, discuss any questions, and establish what documentation you’ll need to provide. To get you started, we’ve created a documentation checklist for your reference.
Next, your Loan Officer will review your application and give you a Good Faith Estimate (GFE). The GFE will reflect your requested loan terms and estimated closing costs.
Finally, an underwriter will evaluate your loan application to make sure you’re eligible for the loan program you chose. Your Loan Officer will let you know if you need to provide any additional documentation or information for underwriting.
Once your loan is approved, you’ll get an approval letter. It will let you know anything else you may need to provide to meet any conditions before closing. You’ll need to fulfill those requirements no less than 30 days prior to closing (or immediately upon receipt of your approval letter if you’re closing within 30 days).
Remember, your Loan Officer will be available to answer questions and guide you through the mortgage process. It’s especially important to stay in touch during the application process so you can talk about interest-rate locks. Your interest rate has to be locked at least 15 days prior to your scheduled closing date.
Once all the requirements have been fulfilled and any remaining conditions have been met, final loan approval will be issued. Loan documents will be generated and sent to escrow/title/attorney (depending on your state’s requirements), who will then let you know the exact amount of funds you’ll need to close your loan. You’ll set an appointment to execute all the paperwork. Once your loan has funded and your mortgage has been recorded with the county, you will receive your keys.
Congratulations. You’re a homeowner.