Welcome to Hudson Parker Realty and Mortgage Group, a boutique brokerage firm focused exclusively on servicing the Chicagoland area.
THE LOAN PROCESS
Application All pertinent documentation is obtained. Fees and down payments are discussed, and the borrower will receive a Good Faith Estimate (GFE) and a Truth-in-lending statement (TIL), itemizing the rates and associated costs for the loan.
You will be asked to provide certain documents to your lender in order that your loan can be processed in a timely manner.
Loan Submission Once all the necessary documentation is in, your completed file is submitted to a lender for approval.
Loan Approval (Underwriting) Loan approval, or underwriting, generally takes 24 to 72 hours. All parties are notified of the approval and any loan conditions that must be received before the loan can close.
Closing
Once all parties have signed the loan documents, they are returned to the lender. If all the forms have been properly executed, the lender sends the loan funds by wire transfer. At this point, the borrower finishes the loan process and actually buys the house.
Loan Consultant