STEPS TO GETTING A LOAN

The loan process can be long and tedious, but we can save you thousands of dollars with our heavy discounts.

Seven steps to loan APPROVAL:

1. Complete the Loan Application provided; sign by borrower/ co-borrower, and mail to EagleLending for review.  All applications require an original inked signatures for lender approval.

Eagle Lending Processing Center

14136 Okanogan, Suite A

Saratoga, CA 95070

2. 1-2 Days

We will review your loan application, send you a Good Faith Estimate and request supporting documentation.  Our Loan Processors mostly correspondence through Email. If you don’t have access to Email, then our Customer Service personnel will gladly assist you.

3. 2 days – 2 weeks

You mail the supporting documents as requested by Eagle-Lending, with a check to cover the appraisal and RMCR credit report.  The check is held in a trust account to pay the appraiser and credit reporting bureau.  You will be told the amount to pay by the loan consultant after the appraiser in your area has been contacted by Eagle Lending.  The appraisal fee is usually in the range of $300-$500 depending on the area and value of the property.

4. 2-3 days

Your supporting documentation and application are assembled into a complete Loan Package, then sent to the lender for APPROVAL. There are three possible outcomes from the Lender; Approval with modest conditions, Suspended for additional information or Loan Denial.  Eagle Lending has an excellent working relationship with its Lender and a great staff of loan processors, so APPROVAL with modest conditions on first submission is standard procedure.  Eagle Lending will explain the conditions and request any additional information to meet Lender underwriting conditions.

5. 3- 4 days

If your loan is Suspended for additional information, or Denied, Eagle Lending will inform you and either ask you for the required information or inform you that your loan is being re-packaged and re-submitted to a different Lender.  Re-submission to a different lender does not happen very often.

Eagle Lending will coordinate with you, your Lender, and your closing agent for the Lenders closing documents to be signed.

6. 1-2 days

You sign your Lenders closing documents before the closing date with your local closing agent.

7. 1-4 days

The Lender wires loan funds to your closing agent and the agent records your loan with the county recorder’s office.  This Final closing and recording time is dependent upon local / state laws, determined by whether you’re performing a Purchase or Refinance type loan transaction.

  Glossary

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