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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 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, saving money, or making plans for your home equity line of credit.
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-approve 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 your Realtor the Pre-Approval Letter. Your realtor 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-approved. 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. When the time is right, we'll order an appraisal and flood certification on your new home.
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| Step four: The Closing |
Your attorney and the seller's attorney will work together to designate a title company to handle the closing of your purchase. We'll coordinate with the title company to make sure all the papers your lender will need are in order, and that the funds are there. You'll sign everything at the title company's office.
| 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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