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Your Loan Package
- Your loan package must be returned to our office with the required documentation listed by the date specified on the cover letter.
Loan Process
- Once the loan package is received your loan officer will submit the package to underwriting. Your loan will be in underwriting for 7-10 business days. No updates will be available during this time period.
- Once approval is obtained certain conditions may apply in order to obtain your final clear to close. A loan processor at MADRATE will contact you once your initial approval has been obtained and let you know the procedure to get your loan to closing.
- The processor and the Title Company will coordinate a closing date with you.
Title Insurance
- Title Insurance is to be ordered immediately.
- Your Title Insurance Company will handle the title search, current lender payoffs and required escrow amount.
- Once a closing date has been set, you will close with your Title Insurance Company.
Subordination (If Applicable)
- If you have a second mortgage that requires subordination you will want to select a Title Insurance Company that is willing to handle this task.
- Once you have selected a Title Company, contact your lending institution that holds the second mortgage ad have them begin the subordination process.
- Contact your Title Company with the contact information at the second mortgage holder and assist them in any associated tasks.
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