An overview of the loan process

An overview of the loan process

Make no mistake, there's a lot involved in getting a mortgage loan.

We can help you make it much easier by giving you all the facts up front; 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.

Step one: determine how much you can borrow

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.

In general; mortgage guidelines say that the maximum monthly house payment plus any other installment loans or revolving debts you should have, should not exceed 45% of your GROSS monthly income (before your taxes and deductions) In some cases, this can be allowed to go a bit higher.

Step two: pre-qualify for your 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 a "Pre-Qualification Letter".

Your real estate agent will use your Pre-Qual letter (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!

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.

Step four: your loan is funded

We'll coordinate with the title company you have chosen to make sure all the papers your lender will need are in order, and you'll sign everything at the title company's office. Closing should generally take about 1 hour; and both agents, buyer, seller, and your loan officer will be there.

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?