Mortgage Company Wheatland Financial Group Inc.

	Loan Process
	The loan process is different in many parts of the United States. The general sequence of events that takes place during the processing of your loan is explained below. New York has different lenders with their own requirements. Below are descriptions that are meant to give you a general idea of what is required to go from applying for a loan to closing the loan.
	First Step - The Loan Application The first step in obtaining home loan financing is to fill out the Loan Application. This called a "Fannie Mae 1003" or Uniform Residential Loan Application". Our experienced loan officers will be happy to assist you in filling out he loan application if you should have any questions. We will make an appointment to meet with you at your convenience if you desire. Whether you choose to meet with us or fill in our Online Application, you will eventually need to provide us with some personal and financial information (Checklist Needed To Put Financial Package Together). If you are unable to provide some of the required documents immediately, you can provide them to us at a later date before your final approval.
	Second Step - After You Fill Out The Application Once you have completed the application, we will obtain your credit report and call or e-mail you with our mortgage suggestions. Next We will obtain 2 or 3 or more preapprovals for your review. When you give us the "OK to go forward", we will order your preliminary property report from the closing company and your property appraisal. During this period you will be responsible for getting your income and other documents to Wheatland Financial Group Inc. Upon receipt of all of the above, final loan approval and closing will occur.
	Third Step - Do I Have To Meet In Your Office? NO! It is possible to complete the loan process without attending a meeting in our office We can come to the comfort of your home or over the phone. Three options to complete initial application: Fill out our On-Line Application Print Application fax to: (585) 334-3248 or e-mail mschermerhorn@wheatland financial.com Mail to: Wheatland Financial Group Inc., 2222 East Henrietta Road Rochester, New York 14623
	Forth Step - What Does It Mean When My Loan Is Approved "With Stips"? Your loan may be approved as submitted, approved with stips, or a counter offer may be made for your consideration. If there are conditions on the loan in order for it to be approved as submitted, we will work with you to satisfy these conditions. Stips might include an explanation letter of some sort, copies of checking or savings accounts, copies of divorce papers, or any number of things that may help clarify your qualifications for the loan. After the loan conditions are met (if any) and the loan is approved, the necessary documents are prepared for closing. The lender will draw up the necessary documents along with any (prior-to-funding) conditions that have yet to be met, and in most cases send them to a closing company near you to be signed by you. Your loan officer will arrange for an appointment with you to close the loan when documents are ready to be signed.
	Last Step - What Is The Closing Process? Your mortgage broker will arrange for and interface with the closing company. The closing company is responsible for closing the loan. This company is responsible for gathering together all of the necessary documents (deed of trust, promissory note, etc.) and making sure all documents are signed. Following the lenders instructions, the closing officer then calculates the various prorating, charges and adjustments (interest on your old loan, interest on your new loan, money for escrow accounts for taxes and insurance, etc.) make sure all of the funds are deposited (if any) and provides you with a settlement statement showing all of the costs involved in the loan. Whoever handles these escrow responsibilities also makes sure that all of the parties involved in the loan process are paid after the funding of the loan. Your loan will then close and your new loan will be recorded.

Registered Mortgage Broker/ NYS Banking Department
Loans arranged by 3rd party Provider
Member in Good Standings Of The BBB of UpState New York

Copyright ©2007 Wheatland Financial Group Inc.