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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 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 most of the work! That's what we're here for.
| Step one: apply for a loan |
As you may have already discovered, most Realtors will not show you homes unless they know you can obtain financing to purchase one. Fortunately, getting approved for a mortgage is a relatively quick and simple process. Just click the "Loan Application Step 1" link and read the instructions, then print the preapplication disclosures and fax all 6 pages to us after signing/dating them, finally click the "Loan Application Step 2" link and complete all the applicable fields. The entire process should take you less than 15 minutes assuming you have all the information available. After receiving your loan application and the required preliminary disclosures we will help you determine what types of loan programs you qualify for, and how much house you can afford. It generally only takes us 15 minutes to pull your credit and evaluate your loan application, if you provide all the information requested on the loan application.
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| Step two: find a home |
After getting pre-approved for a loan you will need to locate a home in your price range that you would like to buy. Once you have found your dream home you will need to negotiate a contract to purchase it, and then you will want to have it inspected to ensure that the home does not have any major problems. A Realtor can assist you in this part of the process. Feel free to contact us with any questions you might have about payments, cash needed to close, etc. During this time you should also start locating the documentation that will be needed. Click the "Loan App Checklist" link to view a list of the items we are probably going to need. You should also click the "Loan Pricing" link to learn about the various pricing options available, so you can make an informed decision when it comes time to make an offer on a home and lock your interest rate.
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| Step three: loan processing and underwriting |
Once you find your dream home and satisfy yourself that it is in good condition we will need to process your loan. Your loan officer will send you an email with the documents we need you to sign, and a list of the documentation we need. You can sign the documents electronically and fax the documentation to us, or print everything and bring it to our office.
Next your loan officer will submit your file to underwriting, and will order an appraisal, title work, and a survey. While we finish processing your loan you will need to shop for a homeowners insurance policy, and supply the name and phone number of your insurance agent to your loan officer so we may obtain an insurance binder. Please do not delay in doing this.
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| Step four: closing and underwriting |
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After your loan has been processed and underwritten we will have the closing documents and funds sent to the title company. You and the seller will go to the title company and sign the required documents. When both you and the seller have signed everything the title company will issue checks to pay for everything, and you will get the keys to the house.
Normally, the entire process takes 3-4 weeks from the time you find your dream home until you are moving in, but we have finished the process in as little as 5 days. We have also seen the process drag on for months in the case of buyers who would not supply the required documentation in a timely manner, so please help us to help you by supplying the documentation we need promptly.
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