The Loan Process
An
overview of the loan process
Make no mistake, there's a lot involved in getting a mortgage
loan. You wouldn't be here on our website if you could fill
out a one-page application and get the best loan for you
funded the same day. What we do is 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 in them as easy as possible, and
we do all the work! That's what we're here for.
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Step one: Determine how much you can
borrow |
This is a function of a couple things.
How much of a monthly payment can you afford? And
given your unique credit and employment history,
income and debt, and goals, how much will a lender
loan you? The first part you can get a rough idea of
by using the calculators on our website. 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 benefit most from.
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Step two: Pre-qualify for your loan |
This is where the rubber meets the road
and you save the most money. You supply information
about your employment, your assets, your residence
history, and so on. We get your permission to run your
credit score. When we review all this information we
give you a Pre-Qualification Letter. Handle it with
care -- to a home seller, it's like a suitcase full of
cash! Your realty agent will use your Pre-Qual (as
they may call it) to make the best offer on the home
you choose, and the seller knows you're pre-qualified.
It gives you buying clout! And while you're picking
out the home that's right for you, we're busy finding
the loan that's right for you.
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Step three: The process begins- We
make it easy! |
Once you've made an offer and it's been
accepted, it's time to complete the rest of the loan
process. When the time is right, we'll order an
appraisal of your new home.
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Step four: Your loan is funded |
Your realty agent and the seller's 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.
