How the Loan Process Works

Let's be honest... if you have watched the news in the last 4 years you are well aware of the many changes to the mortgage and real estate industry which have changed the process of applying for, and closing, your mortgage loan. However, even though there is a lot to do in order to get a mortgage loan, it hasn't became as difficult as the nightly news portrays it. In fact, right now, there are more programs and options available to you than there have been in the last 5 years! Even though nothing happens overnight, the process is still very much worthwhile to get you into that home you have been dreaming about!  

There are three main steps involved in obtaining a loan.

 

Step one: Getting pre-qualified and determining your loan type

This is the first and easiest step you can take to home ownership. All you need to do is provide us with a few details about your employment, assets, and residence history. We will then determine which program is best suited for you and the maximum amount for which you qualify . A couple of factors determine this amount. What kind of monthly payment are you looking for? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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. After we've finished, we'll give you a pre-qualification letter. This letter gives you "buying power". It will help your real estate professional when you are looking for homes and will allow a seller to feel more confident when reviewing your offer.  While you're deciding on your new home, we are researching the best loan program for you. Step two: complete a pre-qualification 

Step two: Processing and Underwriting

Once you have made an offer and the sellers have accepted, it's time to gather your documents and apply for your mortgage. You can find the document checklist and application online under our Application Section. Once we have your application and supporting documents the appraisal of the property will be completed. The file will then be reviewed by the underwriter. Once the underwriter has approved the loan, we will then set your official closing date. The entire process typically takes 3 weeks or 28 days.

Step three: Your loan closes!

The day of closing you will sit down with your closing agent or attorney and review all your mortgage documents. The seller and real estate agents will also be present to sign the documents concerning the sale. Once your loan has closed you will officially be the proud owners of your dream home!!!

 

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