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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 this website if you could fill out a one-page application and get the best loan for you funded the same day. What I 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 I've made your part in them as easy as possible, with most of your work done upfront in the beginning.
| Step one: fill out an application to determine how much you can borrow |
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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?
There are four ways you can fill out a free application:
1. Online through our secure server (this is the fastest way): Simply click on "loan application" at the top of the page.
2. Over the phone: By clicking on "contact us" you can obtain a phone number where I may be reached. I will set a time to do an interview and application over the phone.
3. In person: Contact me today to set up an appointment that is convenient for both of us.
4. Mail/Fax: If you prefer it, I can fax, mail, or e-mail an application to you to fill out at your own convenience.
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| Step two: pre-qualify for your loan |
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Once you have supplied information about your employment, your assets, your residence history, etc., we get your permission to run your credit score. After we review all this information we give you a pre-qualification Letter. 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! Along with your pre-qualification letter you will be given a Good Faith Estimate of fees, a Truth-in-Lending form, and all other required documents.
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| Step three: Submit your offer and get a loan approval |
Once you've made an offer and it's been accepted, it's time to complete the loan process for an official approval. Your loan will be submitted to the lender selected for you along with an appraisal, title report, and various supporting documentation.
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| Step four: escrow signing |
Your realty agent and the seller's will work together to designate an escrow/title company to handle the signing of your loan documents 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.
| To get started, click on the "loan application" button at the top of the page for instructions on how to apply.
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