Our Loan Process

newone

STEP 1: APPLICATION

By answering a few questions, we will calculate your buying power.
You may choose to get pre-approved for a loan, which requires verification of your income, credit, assets, and liabilities. It is recommended that you get pre-approved before you start house shopping so that you:
  • Look for homes within your range
  • Be in a better position to negotiate with the seller
  • Close your loan quicker


CLICK HERE TO PRE-QUALIFY.

STEP 2: FAST APPROVAL

What type of loan is best for you? 
Fixed Rate Mortgage: Fixed-rate mortgages usually have terms lasting 15 or 30 years. Throughout the years, the interest rate and monthly payments remain the same. This is a great option if you:
  • Plan to live in the home more than 7 years
  • Like the stability of a fixed interest payment


Adjustable Rate Mortgage:
 Often called ARMs, Adjustable Rate Mortgages typically last 15 or 30 years. But during those years, the interest rate on the loan may go up or down. You would select this type of loan if you:

  • Plan to stay in your home less than 5 years
  • Don’t mind having your monthly payment periodically change
  • Think your income will increase in the future

two
three

STEP 3: DOCUMENTATION & DISCLOSURE

Loan approval guidelines vary depending on the terms of each loan. In general, approval is based on two factors:  the value of the property and your willingness to repay the loan. 
Once your application has been received, we will start the approval process. Your loan processor will verify all of the information you have given. This information includes:
  • Income
  • Credit Check
  • Asset Evaluation
  • Property Appraisal
  • Other Documentation

 

STEP 4: UNDERWRITING

During this process, an “underwriter” evaluates your credit, collateral value, and risk involving the loan. 
After calculating those factors, the underwriter will then make a decision to accept or deny the loan. If denied, there may be something that the applicant must provide before moving towards funding.

four
five

STEP 5: CLOSING

Once your loan is approved, you are ready to sign final documents.
You must review them prior to signing and make sure the loan terms and interest rate are what you were guaranteed. This signing usually takes place in front of a title attorney or notary. There may be fees associated with your closing which you will be expected to pay at that time. You will also need to show your homeowner’s insurance policy and any other requirements. Your loan will usually close shortly after you have signed the documents.