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.
Step two: Get pre-qualified
This is where the rubber meets the road and you save the most money. You supply information about your employment, your assets, and your income, 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. This tells you how much of a loan you qualify for.
Step three: Get pre-approved – apply now! We make it easy
Before you are ready to make an offer on a home, it’s time to complete the loan application and submit your loan request to a lender for pre-approval. We can assist you with this over the phone, in person or you can do it online, right here at our website. It couldn’t be easier. Your realty agent will use your Pre-Approval Letter to make the best offer on the home you choose. 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.
Step four: Funding your loan
Now that you have located a property that you like and your offer is accepted, your realty agent and the seller’s will work together to designate an escrow/title company to handle the funding of your loan. 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.
We’re in the business of mortgage loans — so we do most of the work. Doesn’t that make sense?
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