Step 1: Get Your Personalized Rate on Loans By Sheilla
Head over to our homepage at www.loansbysheilla.com to view a real-time, personalized rate quote based on your loan details. Through our partnership with Loan Factory, one of the most trusted mortgage companies in the U.S., we connect you with top-tier rates from our network of lenders, customized to meet your specific needs.
Step 2: Fill Out Your Loan Application
The easiest way to apply is online, but you’re also welcome to stop by one of our offices, where our staff can assist you with the application and handle any paperwork. Once submitted, a dedicated loan processor will be assigned to guide you step-by-step throughout the loan process.
Step 3: Secure Your Interest Rate
Once we have all necessary documents, we’ll activate alerts to notify you of any rate or cost changes. When the rate aligns with your preferences, contact us, and we’ll lock it in.
Step 4: Request an Appraisal
An appraisal report is necessary for the lender to confirm the value of your property. The report generally costs around $500, payable via credit card or check at the time of ordering. If your loan structure includes no fees, the lender may provide a credit to cover closing expenses, including the appraisal.
Note that this appraisal fee is non-refundable. If you cancel before the appraiser visits, you’ll receive a full refund. However, if the appraiser has already been to the property, a $75 charge applies. Once the appraisal report is complete, the fee cannot be refunded, regardless of the loan outcome.
Step 5: Loan Processing
The lender will typically take one to three days to review your application and issue an initial decision. If approved with conditions, we’ll need additional documents from you to move forward. Promptly submitting these will help avoid delays.
Step 6: Sign the Loan Documents
After all preliminary conditions are met, we’ll request your final loan documents, which will be ready for signing within two days. Our escrow office will reach out to arrange a convenient time for you to sign.
Step 7: Finalize and Close Your Loan
Following approval of the signed documents, the lender will confirm your employment. Once verified, they’ll transfer the funds to the title company, which will handle disbursement and officially record the transaction. At this stage, your loan is successfully closed.
