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Scott Voelkel
RMLO NMLS 297779

o: (614) 946-1706
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921 Chatham Lane, Suite 101,
Columbus, OH 43221
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Loan Process

8 Steps to a home

Premier Nationwide Lending feels the home buying process should be transparent and stress free. Below you will see the 8 step loan process you will encounter when buying a home. If you have any questions concerning the home loan process, please contact your Premier Home Mortgage Loan Expert who is on standby ready to assist you with your home mortgage needs.

Eight steps to a home.

1. Pre-qualification Pre-qualification is usually the first step after initial contact is made to the lender. When pre-qualifying a borrower, the lender gathers information about the income and debts of the borrower and makes a financial determination about how much house the borrower may be able to afford. Wondering about your credit?

2. Application The application is actually the beginning of the loan process and usually occurs between days one and five of the loan. The borrower completes a mortgage application with the loan officer and supplies all of the required documentation for processing. Various fees and down payments are discussed at this time and the borrower will receive a Loan Estimate, which itemizes the rates and associated costs for obtaining the loan.

3. Opening the File This occurs between days 3 and 10. At this time the lender orders a property appraisal, title insurance, property survey, and credit reports, mails out requests for verifications, such as employment, bank deposits, rent, and any other documents needed for processing the loan. All information supplied by the borrower is reviewed at this time and a list of items not yet received is compiled.

4. Processing Processing occurs between days 5 and 25 of the loan. The processor reviews the credit reports and verifies the borrower’s debts and payment histories as the VODs and VOEs are returned. If there are unacceptable late payments, collections for judgment, etc., a written explanation will be required from the borrower. The processor also reviews the appraisal, survey, and checks for property issues that may require further discernment. The processor’s job is to put together an entire package that may be underwritten by the lender.

5. Underwriting Lender underwriting occurs between days 15 and 25. The underwriter is responsible for determining whether the combined package received by the processor is deemed as an acceptable loan. If more information is needed, the loan is “suspended” and the borrower is contacted to supply more documentation.

6. Pre-Closing Pre-Closing occurs between days 20 and 30. The file has come out of underwriting and all conditions are being cleared. Once this has been achieved, a closing time is scheduled.

7. Closing Closing usually occurs between days 20 and 30 of the loan. At the closing, the lender funds the loan with a cashier’s check, draft, or wire to the selling party in exchange for title to the property. This is the point at which the borrower finishes the loan process and actually buys the house.

8. Move in!

Residential Mortgage Loan Originators

Scott has 15 years of mortgage lending experience as a loan officer. Being licensed federally and state wide, he has been trained to determine the best loan program for your needs. In addition to experience and training, he is a specialist in working with first time homebuyers. Scott specializes in the state bond program OHFA, the City of Columbus ADDI grant, the Franklin County grant, the Ohio Trust Fund grant, and more.


Loan Center

Checklist

What you will need to ensure a smooth home mortgage process.

Loan Options

There are several loan options available when purchasing a home.

Down Payment Assistance

Find out more about special programs and who qualifies.

Calculator

Wondering how much you can finance?

Testimonials

After dealing with a shady mortgage lender who cost us one home deal and almost cost us the one we ended up buying. I got in touch with Scott Voelkel and he managed to get the deal done in a unique situation. Thanks Scott, we will be sending everyone we know to you.

Doug B.

I am a real estate agent and I've been working with Scott Voelkel since 2002. We have made a very successful partnership with Scott as a lender to my clients. When I have needed Scott to expedite a loan because my clients have had specific needs, Scott has always delivered! Even when we have had challenges, Scott has risen to the occasion and helped in every capacity that I have ever needed. We have done some home buyer seminars together, and would welcome the opportunity to do more! Scott's ability to find creative financing and help with grant programs is second-to-none compared to other lenders with whom I have worked. I highly recommend this hard-working, top-notch professional, and I am not only honored to call him a colleague, but I am thankful to call him "friend".

Trina W.

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