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An overview of the loan process
As you may know, there's a lot of documentation involved in getting a mortgage loan. Wouldn't it be nice if you could complete a one-page application and get your loan funded the same day? Since that's not possible, we're here to do most of the "heavy lifting" for you so you can concentrate on what's important — preparing to move into your new home.
There are four main steps involved in getting a loan. You'll see that we've made your part as easy as possible, and we'll do most of the work! That's what we're here for.
| Step 1: Determine how much you can borrow |
How much of a monthly payment can you afford? And given your unique credit and employment history, income, debt and goals, how much will a lender loan you? You can get a rough idea of what you can afford by using the calculators on our Web site. We'll also help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to be most beneficial to you.
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| Step 2: Pre-approval for your loan |
You supply information about your employment, your assets, your residence history, and other personal data. We get your permission to obtain your credit report. We then review the information, and if qualified, we provide a Pre-Approval Letter. Handle it with care — to a home seller, it's like a suitcase full of cash! Your real estate agent will use your Pre-Approval to make the best offer on the home you choose. Because the seller knows you're pre-approved, the negotiating power is on your side. And while you're picking out the perfect home, we're busy finding the loan that's right for you.
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| Step 3: Apply now! We make it easy |
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Once you've made an offer and it's been accepted, it's time to complete the loan application. It couldn't be easier, and you can do it online, right here at our Web site.
When the time is right, we'll order an appraisal of your new home.
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| Step 4: Your loan is funded |
Your real estate agent and the seller's agent will work together to designate an escrow/title company to handle the funding of your loan once it's approved. We'll coordinate with the escrow company to make sure all the papers your lender will need are in order, and you'll sign everything at the escrow/title company's office.
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You've answered a few questions, given us some detailed information, applied online, and next thing you know, you're moving in!
We're in the business of mortgage loans — so we do most of the work. Doesn't that make sense?
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