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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 I do is most of the heavy lifting for you, so you can concentrate on what's important -- preparing to move into your new home!
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, and I do all the work! That's what I'm 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 my website. I will also help you through different scenarios by asking a few simple questions. Based on ever changing secondary market underwriting guidelines, I'll give you a good idea of what kind of terms and loan program you can expect to benefit most from.
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| Step two: Mortgage Pre-Approval for your loan |
This is where the rubber meets the road and you save the most money. You supply information about your employment, your assets, your residence history, and so on. I get your permission to run your credit score. When I've reviewed all this information I will issue you a property specific pre-approval when you are ready to make and offer to purchase the property. 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! And while you're picking out the home that's right for you, I'm busy finding the loan that's right for you.
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| 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 my website. When the time is right, I'll order an appraisal of your new home.
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| Step four: your loan is funded |
Your realestate Agent and the seller's will work together to designate an a title company to handle the funding of your loan once it's approved. We would prefer to handle the closing and or escrow through our escrow company, American Escrow Services. The advantage is that you will meet with me at time of closing to sign all the final loan papers instead of meeting with someone you've never met. I'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 one of our office throughout the state in which you applied for your mortgage at a time that is convenient for you not what time and place that is convenient for the title company!
| You've answered a few questions, given me some detailed information, applied online, and next thing you know, you're moving in! I'm in the business of mortgage loans -- so I do most of the work. Doesn't that make sense?
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| Please have your Real Estate Agent give me a call prior to submitting an offer to the listing Agent or seller, so that I may send them a property specifice Pre-Approval Letter! |
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