The WLW Steps” to Closing a Loan
- Application: Collect Application and application fee. Use application on our website. Application fee needs to be delivered to WLW offices or paid online via credit card on our website. WLW will order title once application and fee have been delivered.
- Term Sheet.- (Preliminary & Final Term Sheets): WLW will issue a “preliminary term sheet” within 24 hours of receiving application. The “preliminary term sheet” is used to get Lender and applicant to agree upon terms pending underwriting. Once Lender inspects property and underwrites loan with title report, a “Final Term Sheet” will be provided to applicant. Terms will remain the same as long as all the information provided on application checks out.
- Loan Commitment Letter- Once both Borrower and WLW agree upon terms and a final term sheet, WLW will provide borrower with a loan commitment, credible for 30 days. Admin will also provide CMA, rehab budget and game plan with a title report. If any title issues are outstanding borrower must resolve then re-submit for final approval.
- Closing: Once HUD is approved, closing can officially be executed. Channelside Mortgages must be additionally insured on all loans prior to closing.
These 4 Steps can be completed as quickly as 3-7 business days!*