Circle Steps Features:
- Responsive layout (will switch to column layout if below specified breakpoint)
- Optional auto-rotation feature
- Circle can be rotated either clockwise or counter-clockwise
- Place text on top, below or to the left or right of circle
- Text will automatically be placed below circle if only sufficient space for circle
- Apply single color, (fixed/rotating) gradient, or (fixed/rotating) image as background to circle
- Define colors for each circle item independently
- Use font icon or (circle) image for steps
- Optional indicator for each step, showing position in process
- Show step title as tooltip over step icon
- CSS3 animation for title and text
- Full tinyMCE HTML editor for step content
- Optional deeplinking to trigger steps via external links
EXPLAIN PROCESSES WITH A CIRCLE
Prequalification occurs before the loan process formally begins. The lender gathers financial information from the borrowers and makes a conditional determination about their qualifications for a loan.
The application is the beginning of the formal loan process. The applicant completes a mortgage application with the loan officer and supplies all of the required information and documentation for processing.
Various down payments and “closing costs” are discussed at this time and the borrower will receive a Good Faith Estimate (GFE) and a Truth-In-Lending statement (TIL) that itemize the rates, loan fees, and associated costs for obtaining the loan.
The lender reviews the documentation and provides a loan package for the loan underwriter.
An underwriter determines whether the information provided is acceptable to offer the applicant a loan. If more information is needed, the applicant is contacted to supply it.
For a conventional loan, mortgage insurance is required when the down payment is less than 20% of the loan amount. FHA and VA loans also require mortgage insurance or similar protections.
During this period, title insurance is ordered, all approval contingencies are satisfied, and a closing date is scheduled for 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 the title to the property. This is the point at which the borrower has completed the loan process and the transaction is “closed.”