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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 have your loan 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 allpying for 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? Given your unique credit and employment history, income, 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 terms and loan programs you can expect to benefit from most.
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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, and your residence history. With your written permission we will run your credit score. We will review all this information and provide 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 an 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. It couldn't be easier, and you complete it online, right here on our website. When the time is right, we'll order an appraisal for your new home.
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| Step four: your loan is funded |
Your real estate agent and the seller's will work together to designate an escrow/title company to handle the closing of your loan once it's approved. We'll coordinate with the escrow company to make sure all the papers are in order, and you'll sign at the escrow/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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