From application to escrow, officials from American Family Funding, a mortgage lender in Santa Clarita, explain the steps involved in getting a home loan.

The process of applying for a home loan may seem daunting, but American Family Funding, a Santa Clarita mortgage lender, helped break the process down into small, actionable steps.

“The first step in obtaining home loan financing is to fill out a loan application,” American Family Funding officials said.

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When filing a loan application, a “Fannie Mae 1003,” or “Uniform Residential Loan Application” form will be required. Once this is submitted, loan officers from the Santa Clarita mortgage lender “will make an appointment to meet with you in person or over the phone to help obtain any necessary personal and financial information needed to initiate the loan process.”

During this initial meeting, clients can expect to learn about the various loan options that are available to them.

“We will also discuss different loan programs that can meet your needs, the interest rates available and the financial and property qualifications for the loan program you have chosen,” American Family Funding officials explained.

Once clients decide on a loan, the next step is to verify the information they have submitted. This involves filing additional forms to verify employment history and bank account information. It also involves obtaining a credit report, ordering a preliminary title report from the title company, and filing for appraisal.

“Once we have gathered all the necessary information, we will compile your loan documents and submit them to the underwriter for final approval,” officials from the Santa Clarita mortgage lender said.

At this point, the loan may be approved.

“Your loan may be approved as submitted, approved with conditions, or a counter-offer may be made for your consideration,” officials said. “If there are conditions on the loan in order for it to be approved as submitted, we will work with you to satisfy these conditions.”

These conditions generally consist of filing additional documentation to explain any irregularities or unusual situations that may apply to a client’s initial filing, such as “an explanation letter, copies of investment documents, copies of divorce papers, or any number of items that may help clarify your qualifications for the loan.”

Once the loan is fully approved, the lender “will draw up the necessary documents along with any (prior-to-funding) conditions that have yet to be met,” American Family Funding officials said. “In most cases, (the lender will) send (these documents) to a title or escrow company near where you live or your attorney to be signed by you.”

Lastly, the loan process will be closed, usually by the escrow officer, attorney or lender.

“This person or company is responsible for gathering all of the necessary documents (deed of trust, promissory note, etc.) and making sure all documents are signed,” American Family Funding officials said. “Following the lender’s instructions, the escrow officer, attorney or lender then calculates the various prorations, charges, and adjustments, … makes sure all of the funds are deposited (if any), and provides you with a settlement statement showing all of the costs involved in the loan.”

This same person or company will also make sure all involved parties receive their funds after the loan is processed. The loan will then close escrow and the new loan “will be recorded,” officials reported.

American Family Funding officials warned that the loan process may vary depending on where the filer lives.

For more information on navigating the loan process, interested parties can contact the Santa Clarita mortgage broker on their website or by calling them directly at (661) 284-1150.

Ed. Note: This article is a KHTS Community Spotlight for American Family Funding.

American Family Funding a Division of American Pacific Mortgage Corporation NMLS #1850

David Cantrell NMLS #1427091 — Licensed by the Department of Business Oversight Under the California Residential Mortgage Lending Act.

About American Family Funding, Your Resource for Santa Clarita Mortgages

Santa Clarita mortgage lender American Family Funding can help you fulfill your dream of home ownership. A highly rated mortgage lender in Santa Clarita, American Family Funding maintains a focus on community involvement and a commitment to giving back whenever possible. A friendly Santa Clarita mortgages advisor will make the first-time homebuyer experience an easy and stress-free experience — even with bad credit or a low down payment. Unlike some mortgage companies in Santa Clarita or mortgage brokers in Santa Clarita, the home loan officers at American Family Funding also specialize in VA loans, reverse mortgages, refinancing and the STAR Loan Program. If you’re looking for the best mortgage lender in Santa Clarita or a “mortgage lender near me,” contact American Family Funding today. 

American Family Funding
28338 Constellation Road
Suite 900
Valencia, CA 91355
(661) 284-1150
info@affloans.com

American Family Funding – Valencia

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