The House Loan Process in Ten Easy Steps
I’ve seen loan process flowcharts, in books and articles, that are so elaborate, with arrows going this way and that, I have to wonder if the author’s purpose was to try to impress me with the complexity and enormity of his or her job. By contrast, here is a simple checklist that leads you through the steps, from start to finish.
Carolyn’s Ten-Step Loan Process Checklist
1. Get a Good Faith Estimate and choose your loan officer.
A Good Faith Estimate (GFE) is a form that shows you your loan amount, interest rate, monthly payment, fees and costs, and other pertinent information. You can’t logically choose a loan officer without first seeing the GFE, even if the loan officer is your best friend ...