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 An overview of the mortgage loan process
Make no mistake about it, there's a lot involved in getting a mortgage loan completed in today's market. You wouldn't be here on this website if you could simply complete a loan application and get the best loan for you approved, closed and funded all in the same day.
There are four main steps involved in getting a loan. You'll see that we have made your part as easy as possible, and we will do most of the work for you!
| Step one: Determine how much you can borrow |
This consists 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 housing needs and goals, how much will a lender loan you? We will help you through different scenarios by asking a few simple questions. Based on loan program guidelines, we'll give you a good idea of what terms and loan programs you can expect to benefit the most from.
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| Step two: Pre-qualify for your loan |
This is where the rubber meets the road. You provide information about your employment history, your income, assets, your residential history, and so on. We will get your permission to obtain a current credit report. We wil review all this information and we will attempt to approve you for a certain loan type and then issue you a Pre-Qualification letter. Handle it with care -- to a home seller, it's like a suitcase full of money! Your Real Estate Agent will use your Pre-Qualification letter to make an offer on the home you choose, and the seller will know you're Pre-Qualified for a loan in the amounbt required to purchase the home. While you're out picking the right home, we will be busy at the office finding the loan program that fits your individual needs best.
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| Step three: Complete the Application Process! |
Once you've made an offer and it's been accepted by the seller, it's time to complete your loan application process. We will update any required or missing customer documentation from you and order an appraisal on your new home.
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| Step four: Close your loan |
Your Real Estate Agent and the seller's agent will work together to designate an escrow agent/title company to handle the closing of your loan once it has been "cleared to close" by our underwriting department. We will coordinate with the escrow agent/title company to make sure all the paperwork is in order, and you'll sign all final documentation, normally at the escrow agent/title company's office.
| After you've answered a few questions, signed some paperwork, and finished the loan closing, you'll be given the keys to your new home and be free to move in as per the terms of your sales contract. Our thought on the whole loan process is "We're in the business of providing mortgage loans -- so we should be doing most of the work, not the customer." Now doesn't that make sense?
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