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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 get the best
loan for you 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
getting 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? And given your unique credit and
employment history, income and 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 kind of terms and loan
program you can expect to benefit most from.
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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, your residence history, and so on. We get your permission to
run your credit score. When we review all this information we give you
a Pre-Qualification Letter. Handle it with care -- to a home seller,
it's like a suitcase full of cash! Your realty 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! 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 can do it online, right here at our website. When the
time is right, we'll order an appraisal of your new home.
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| Step four: your loan is funded |
Your realty 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
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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