Loan Process

Gone are the days when loan buying made people frown. With WGB Loans, you can secure a home mortgage in just a few simple steps. We believe in making the home loan process simpler, digestible, doable, and fuss-free. Read on the easy steps for the loan buying process.

1. Pre-Qualification

This sets the beginning of the loan process. WGB Loans first gathers the borrower’s income and debt information. Next, two factors are tested to qualify for the loan. The first one is the borrower’s ability to pay. This gets verified by the borrower’s total income and current employment. Now, the borrower’s willingness to pay the loan is taken into consideration. This aspect is closely related to the borrower’s credit report.

2. Mortgage Programs And Rates

After the pre-qualification, the borrower decides the loan he has to take. He looks at aspects like terms and payments and makes a decision that fits his specific needs. The professionals at WGB Loans help you shop for the right plan.

3. The Application Process

Now that the borrower has decided his path, it’s time for the application. The application takes place within the first five working days. This process is done with the assistance of our WGB Loans professionals.

4. The Loan Estimate

Once you have successfully completed the application process, it’s time for the loan estimate. The loan estimate is nothing but a three-page form the borrower gets after the application of the mortgage. This three-page form consists of essential details about the loan. WGB Loans delivers the loan estimate at the borrower’s doorstep within three working days after the loan application gets complete. The loan estimate carries information like estimated interest rates, total costing costs for the loan, monthly payments, and more.

5. Proceeding Intent

Now, this is a crucial step that decides your journey with WGB Loans. After going through the loan estimate, it is up to you whether you want to proceed with the loan or not. If yes, then you need to revert back through writing or on-call.

6. Processing

Once WGB Loans gets to know the borrower’s intent and the application has been submitted, the processing of the loan kickstarts. The processor orders the Title Report, Appraisal, and Credit Report. Bank deposits and payment histories are verified in this stage.

7. Documentation

After the completion of the loan application and loan estimation acceptance, WGB Loans will request all the necessary documents from the borrower to proceed with the loan process. The experts by WGB Loans will provide you with an exact list of required documents.

8. Appraisal Basics

This step involves the valuation of ownership rights. The appraiser makes use of the three market approaches, viz., Cost approach, Comparison approach, and Income approach, after which the appraiser derives the estimate of the value of the subject property.

9. Underwriting

After the processor has successfully combined everything and created a complete package with all necessary documentation and verifications, the underwriter determines if the package is deemed an acceptable mortgage. In case the information is incomplete or more data is required, the loan is put under “suspense.” No worries! In this case, the borrower is simply contacted to provide all the missing information. Once the loan becomes acceptable as submitted, the loan gets transferred to the ‘approved” status.

10. Closing Disclosure

The closing disclosure is nothing but a five-pager form that lists all the final details about the loan. The form includes the loan terms, monthly payments, and all the closing costs.

11. Closing

After the loan gets approved, the file gets transported to the closing and funding department. The funding department is responsible for notifying the closing attorney about the loan approval and verifying brokerage and closing fees. Now, the closing attorney schedules a fixed time on which the borrower has to sign the loan documentation.

12. Summation

This is the last loan process. The 14-21 days ahead see the typical “A” mortgage transaction.