The Loan Process is relatively simple. Here is a general example
of what you can expect of the loan process.
Strategize - First, Petra
Lending Group will provide you scenarios and options to consider,
choose the loan program that fits your goals. We will run some “what-ifs” and
determine your rate and monthly payments.
Documentation - You need to make
sure to gather and organize all appropriate documents. These will
include things like tax-forms, pay-check stubs, bank statements,
and etc. We will send you a checklist to follow and complete.
Loan Application - Once you have
all of your required documents together, you can then submit to us
a formal application. Make sure that all information is correct and
up to date for quicker processing.
Loan Approval - After we receive
your application, our processing department will begin by running
a credit report, checking employment history, and verifying your
assets and property value. To insure that this happens as quickly
as possible, be prompt in responding to additional requests and do
not change jobs or make any large purchases.
Loan Closing - The closing is
your last step. Here you will verify and sign all documents associated
with the loan. This is where you would also pay any down payments
or closing costs required.