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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 do 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 check.
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: Apply for a mortgage 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 we give you an Approval 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-approved. It gives you buying clout! Click here to complete our purchase application.
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| Step two: Home Inspection and Appraisal |
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We strongly encourage all purchasers obtain a home inspection. A home inspector will carefully inspect the home and advise you of any repairs or issues they feel need to be addressed. Once you are satisfied with the inspection an appraisal can be ordered. Many people don't understand the difference between an inspection and an appraisal. Put simply, the inspector reviews all aspects of the home - HVAC, roof, hot water heater, etc. - while the appraiser compares your home to other recently sold properties that are similar to the house you are purchasing to ensure the price you have agreed to pay is supported in the immediate area. The appraiser will make note of any repairs that may be needed. The repairs mentioned by the appraiser must be made PRIOR to closing.
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| Step three: Underwriting |
Your loan application, documentation and appraisal will be sent to the underwiter who will review everything to ensure all guidelines have been met. It isn't unusual for the underwriter to request additional documentation or explanation in which case we will contact you to ask for the requested items. Once the underwriter approves the file, we will send the closing attorney the necessary papers to close the loan.
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| Step four: Loan Closing |
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The BIG DAY has arrived and you will soon be handed the keys to your new home! Closings generally take place at an attorney or closing agent's office. The attorney will review the documents with you and once signed, you will be a homeowner! If you would like a copy of the closing package prior to closing, be sure to let your loan officer know.
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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, you're not -- so we do most of the work. Doesn't that make sense?
NMLS: 190067
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