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 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. 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, saving money, and enjoying life.
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.
| 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-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-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: apply now! We make it easy |
Once you've made an offer and it's been accepted, it's time to complete the loan application. At this time we will get the supporting documentation needed to submit the file to underwriting fo review. We will also have a set of RESPA docs or disclosures for you to sign and return. This process can be done via email, fax, online, by mail, or in person-whichever is easiest for you! When the time is right, we'll order an appraisal of your new home.
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| Step four: your loan is funded |
We'll coordinate with the attorney or 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. The closing is the culmination of it all and last about 45 minutes. At that time you will be given the keys to your new home!! Congratulations!
| 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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