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 An overview of the loan process
Make no mistake, a lot is involved in obtaining the best financing formulated for your particular circumstances. In truth, 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.
We do most of the heavy lifting for you, so you can concentrate on what's important -- going about your life and work with as little disruption as possible, 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 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 several 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? Initially, you can develop 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 |
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Here is where our performance and experience help you to save the most money. You supply information about your employment and assets, your residence history, and so on.
We'll obtain your authorization to run your credit history. When we review your credit report information and give you a Pre-Qualification 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!
More often however, you'll be in a stronger bargaining position with a Pre-Apporval letter, which means we've a completed application in hand, employment, residential history, credit history and other lender required evidence securing home financing approval subject only to the verification of documentation and an acceptable appraisal.
And while you're picking out the home that's right for you, we're busy continuing to refine financing options to meet your needs and goals.
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| Step three: gain pre-approval and find your home! We make it easy |
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Once you've made an offer and it's been accepted, it's time to update your loan application information.
It couldn't be easier, and you can do it online, right here at our website. When the time is right, we'll order an appraisal of your new home, order the preliminary title report, put the wheels in motion to have your new home insured through the agent of your choosing, or someone we may recommend specifically for your needs and desires.
It is also during this time, known as the escrow period, that you and your real estate agent perform your due diligence - secure a home inspection, which is generally obtained through your agent and perform other property evaluation functions and actions your trusted real estate advisor suggests.
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| Step four: your loan is funded |
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Your real estate 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 updated if needed, 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, found the right home and 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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