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An overview of the loan process
There are many steps involved in getting a mortgage loan. It would be simple if you could visit our Web site, fill out a one-page application and get the best loan funded the same day. Since that's not possible, we try to do 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. We've done most of the work to make your part as easy as possible. That's what we're here for.
| Step 1: Determine how much you can borrow |
How much of a monthly payment can you afford? And considering your unique credit and employment history, income, debt, and goals, how much will a lender loan you? You can get a rough idea of your monthly payment by using the calculators on our Web site. We'll also help you through different scenarios by asking a few simple questions. Based on standard lending guidelines, you'll have a good idea of what kind of terms and loan programs you can expect to benefit from the most.
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| Step 2: Pre-approval for your loan |
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, if satisfactory, 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-Approval Letter to make the best offer on the home you choose. The seller knows you're pre-approved, so you have more negotiating power. And while you're picking out the perfect home, we're busy finding the loan that's just right for you.
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| Step 3: Apply now! We make it easy |
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Once you've made an offer and it's been accepted, it's time to complete the loan application. It couldn't be easier, and you can do it online, right here at our Web site.
When the time is right, we'll order an appraisal of your new home.
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| Step 4: Your loan is funded |
Your real estate agent and the seller's agent will work together to designate an escrow/title company. 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. Doesn't that make sense?
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