Pre Approval
↓
Select Bank & Program best for borrower
↓
Borrower Sign Loan Packet & Mail to Processing
↓
Gather needed Seller Documents:
Purchase Contract
Title of Property
Condominium Regime
Property Tax Bill – copy of last paid
Water Bill – copy of last paid
↓
Processor submit to bank for conditional approval
(Takes about 72 hours)
↓
Once approved with conditions – Satisfy conditions necessary
(Approval is conditional pending appraisal)
↓
Lender to order SRE permits (14 to 45 days) & Appraisal (7-10 days)
Approval complete once appraisal reviewed and approved
↓
Lender submits an application with SRE permit to the bank and the trust is set up
↓
Closing Statement/Disbursement Instructions
↓
Lender & Borrower wire required balance into Escrow account
3-1 days prior to closing
↓
Buyer & Seller meet with Notario for signing
↓
Notario advises lender that signing/closing is complete and lender authorizes disbursement (occurs the same day as signing)
↓
Parties paid and closing complete