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The Karr Team
RMLO NMLS 230983
NMLS #: 1200324
Terri Karr: (972) 989-4329
Sidney Karr: (817) 917-2266
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25 Noble Court,
Rockwall, TX 75032
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Loan Process

8 Steps to a home

Premier Nationwide Lending feels the homebuying 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

TERRI KARR AND SIDNEY KARR - a dynamic mother/daughter duo-bring their clients the perfect mix of education, product knowledge, and generations of mortgage expertise. Their seamless process will make the home buying experience less complicated and overwhelming; Delivering their clients a “World Class” mortgage experience on time and on budget EVERY TIME!

Terri, a graduate of Baylor University with a BBA in accounting, has been in the real estate and the real estate lending business for over a quarter of a century. To date, Terri has helped nearly 2000 clients with their mortgage on personal homes, vacation homes and investment properties. When not working on the perfect mortgage experience for their clients, Terri enjoys decorating her home, yoga, and being an active member and foster for Lone Star Bulldog Club Rescue. In addition, She serves on the executive board of the Disciples Women of First Christian Church Rockwall where she also participates in the hand bell choir. Terri is recognized as a member of The Producer’s Council at Premier Nationwide Lending. She was honored as one of the company’s Top Producing Loan Officers for 2013, 2014 and 2015. Terri was also recently featured in Texas Monthly Magazine as one of the 2013, 2014, and 2015 Five Star Mortgage Professionals in the state of Texas.

Sidney graduated from Hardin-Simmons University in May of 2014. She decided to follow in her Mother’s footsteps and pursue a career in the mortgage industry. She received her NMLS license shortly after graduating and has become quite a powerful part of the team with an in depth knowledge of specialty programs and credit restoration. As an accomplished equestrian with over 14 World Championship titles, Sidney has a true passion for animals. When she is not helping the team provide an exceptional mortgage experience to their clients, she likes to spend her time with her pets which include several English Bulldogs, Dachshunds, and kitties. She also enjoys spending time cooking for her friends and family and kickboxing to stay in shape. Sidney is a deacon of the First Christian Church in Rockwall where she also participates in the Hand Bell Choir. In Addition, she is a very active volunteer and foster for the Lone Star Bulldog Club Rescue.

Loan Center


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.


Wondering how much you can finance?


Wow! Terri and her outstanding team were extremely helpful and professional. I am an independent business owner which makes home purchasing a bit difficult; however, every part of the transaction ran smoothly thanks to Terri and her team. Every time there was a snag (not due to Terri's team), they all jumped in to solve the problem. The knowledge base they all prescribe to provided me with a sense of security because I trusted they knew what they were doing and provided me with excellent advice. We also were working in a very short time line and they made sure we met it. I cannot recommend me them enough. They absolutely know their stuff. Thanks Terri and your excellent team!

Deborah B.

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