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(707) 224-8281
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Heritage Sotheby's International Realty
780 Trancas Street
Napa, CA 94558

Direct: 707-224-8281
Fax: 707-251-8362

Each Office is Independently Owned
and Operated

Napa Valley Real Estate Napa Valley Real Estate Napa Valley Real Estate

Buying Real Estate in the Napa Valley

The Loan Process

Step 1: The Loan Application

The key to the loan process going smoothly is the initial interview. At this time, the lender obtains all pertinent documentation so unnecessary problems and delays may be avoided. The Realtor opens escrow with the title company at this time as well.

Step 2: Ordering Documentation

Within 24 hours of application, the lender requests a credit report, an appraisal on the new property, verifications of employment and funds to close, mortgage or landlord ratings; a preliminary title report and any other necessary supporting documentation.

Step 3: Awaiting Documentation

Within one to two weeks, the lender begins to receive the supporting documentation. As it comes in, the lender checks for any problems that might arise and requests any additional items needed.

Step 4: Loan Submission

Once all necessary documentation is in, the loan processor assembles the loan package and submits it to the underwriter for approval.

Step 5: Loan Approval

Loan approval generally takes anywhere from 24 to 72 hours. All parties are notified of the approval and any loan conditions which must be cleared before the loan can close. The loan approval is the beginning of the closing process.

Step 6: Documents are Drawn

With 1 to 3 days after the loan approval, the loan documents (including the note and deed of trust) are completed and sent to the title company. The escrow officer will make an appointment for the borrowers to sign the final documents. At this time, the borrowers are told how much money they will need to bring in to close the loan. Payment must usually be made by a cashier's check.

Step 7: Funding

Once all parties have signed the loan documents, they are returned to the lender who reviews the package. If all the forms have been properly executed, a check is issued to fund the loan.

Step 8: Recording

Upon receipt of the loan funds, the title company will record the legal documents necessary to transfer the property into buyer's name. At the same time, the deed of trust is recorded to show the new loan on the property. Escrow is now officially closed and you now own your home.

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