Loan Process
                     Loan Process | 
Osprey Mortgage 
Lending
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Step 1: Find out how much you 
can borrow
It is recommended that you get pre-approved before you start 
looking for your new house so you: 
 Look for properties within your range.
 Be in a better position when negotiating with the seller (seller 
knows your loan is already approved).
 Close your loan quicker
Step 2: Select the right loan 
program
1) Fixed Rate Mortgage
Fixed-rate mortgages usually have terms lasting 15 or 30 years. 
Throughout those years, the interest rate and monthly payments 
remain the same.
2) Adjustable Rate Mortgage
Adjustable Rate Mortgages) typically last for 15 or 30 years, just like 
fixed-rate mortgages. But during those years, the interest rate on 
the loan may go up or down. 
Step 3: Apply for a loan
Select the loan type and continue the process:
 Home refinance
 Home purchase
 Home equity
 Home mortgage
Step4: Begin loan processing
Once your loan application has been received we will start the loan 
approval process immediately. Your loan processor will verify all of 
the information you have given. If any discrepancies are found, 
either the processor or your loan officer will troubleshoot to 
straighten them out. 
 Income/Employment Check
 Credit Check
 Asset Evaluation
 Property Appraisal
 Other Documentation
Step 5: Close your loan 
You must review the documents before signing and make sure that 
the interest rate and loan terms are what you were promised. Your 
loan will normally close shortly after you have signed the loan 
documents. On owner occupied refinance loan transactions federal 
law requires that you have 3 days to review the documents before 
your loan transaction can close.
INFORMATION SOURCE
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