Loan Application:
You begin the loan process by completing a loan application. This is usually done by a loan representative for the institution where you are applying. Once the application is reviewed, you will be given a list of documents that will be needed from you.

Verification:
All your income, employment history, credit history, assets and liabilities will be verified. Occasionally during the verification process, other supportive documents may be requested of you such as bank or credit card statements.

Appraisal:
The subject property will be appraised (usually by an independent appraiser) to establish the value of the property that is acting as security for the loan.

Title Insurance:
A title insurance policy will be ordered to insure that the current owner is in fact the current owner and that all loans currently against the property are disclosed.

Loan Documents:
Once all of the above has been successfully completed, the escrow will request the actual loan documents from the lender. These set forth the actual and final terms of the loan. Read these documents carefully.

Funding and Recording:
The lender will then provide the funding and the new loan will be recorded against the property. Once recording is verified, the escrow will close.

Timeline:
This process can normally take from 10 to 45 days depending on the lender and loan type.