Step By Step Through The Loan Process
We strive to give every client an exceptional home loan experience. Learn more about what you can expect during the process of obtaining your home loan.
Find Out How Much You Can Borrow
The first step in obtaining a home loan is to determine how much money you can borrow. You should determine how much home you can afford before you begin your home search. Simply answer a few questions and we will calculate your buying power based on standard lender guidelines.
You may also opt to get pre-approved for a loan which will require verification of your income, credit, assets and liabilities. It is recommended that you get pre-approved before you start looking for your new home. Getting pre-approved allows you to:
– Look for homes within your price range
– Be able to better negotiate with the seller (because you are already pre-approved for the loan)
– Close your home loan faster
Choose The Right Loan Program
It’s important to understand the benefits of each home loan in order to decide which loan makes the most sense for your financial situation. Whether you are buying a home or refinancing, there are various programs that can help you achieve your goals. Be sure to explore mortgage options with your loan specialist.
Apply For A Loan
Once you have selected the loan program that is best for you, the next step is to submit your loan application. Our secure online application makes this step easy and convenient. Apply Online Today
Begin Loan Processing
While lenders conform to standards set by government agencies, loan approval guidelines may vary depending on the terms of the loan. Approval is generally based on your ability to repay the loan and the value of the property.
Once your loan application is received we will start the loan approval process. Our loan processor will verify all of the information you submitted. If there are any discrepancies, either the processor or your loan specialist will address the error. Loan processing includes verification of the following:
Income & Employment – Is your income sufficient to cover the monthly payments? Industry guidelines are used to evaluate your income and debts (debt to income ratio).
Credit Check – What is your ability to repay your debts when due? Your credit report is reviewed to determine the type and terms of any previous loans. Lapses or delays in payment are considered and will require explanations.
Asset Evaluation – Do you have the necessary funds to make the down payment and pay closing costs?
Property Appraisal – Is there sufficient value in the property? The property will be appraised to determine its market value. Location and zoning play a role in the evaluation.
Other Documentation – In some cases, additional documentation may be required before making a final determination on loan approval.
Close Your Home Loan
Congratultions! Once your loan is approved, you are ready to sign the final loan documents. You should review the loan documents prior to signing to verify that the interest rate and loan terms are what you agreed to. Also, make sure that the name and address on the loan documents are accurate. The signing generally takes place in front of a notary public.
Closing costs consist of the fees associated with obtaining a mortgage and transferring property ownership which you will be expected to pay at closing. Be prepared to bring a cashier’s check for the down payment and closing costs if required. Note that personal checks are usually not accepted. You will also need to present your homeowner’s insurance policy and any other requirements such as flood insurance and proof of payment.
Generally your home loan will close quickly after you have signed the loan documents. With owner occupied refinance loan transactions, federal law requires that you have 3 days to review the loan documents before your loan can close.
Get started today and be on your way to home ownership.
Apply online or contact a loan specialist to get pre-approved.
Use our secure online application to apply for your home loan and be on your way to home ownership. We look forward to working with you.
Get a sense of how much you may be able to borrow with our pre-qualification calculator. Please note that pre-qualification is different from a pre-approval. Pre-qualification gives you an estimate of how much you may be able to borrow. Pre-approval indicates that you have been approved for a set loan amount prior to property selection.
Have additional questions? Contact a loan specialist today for more information.