An overview of the loan process
Make no mistake, there's a lot involved in getting a mortgage loan. That's why it's so important to have a well seasoned professional in your court. We are trained to view a file as an underwriter would and to anticipate and address potential red flags before they become an issue. Being educated and prepared provides a solid foundation from which to start. This means you get to relax and we will do our job.
There are a few steps involved in getting a loan.
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? Equally important - how much of a mortgage payment do you feel comfortable having. 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. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step two: pre-approval for your loan
This is where the rubber meets the road. You supply verbal information and documentation (such as W2s and bank statements...) about your employment, your assets, your residence history, and so on. We run your credit and structure the preapproval. We will contact your realtor, to introduce ourselves and let them know the price range that you are preapproved for. Your realtor will use your Pre-approval to make the best offer on the home you choose. Being "pre-approved" gives you serious buying clout over being "pre-qualified" as some lenders like to do.
Step three: mortgage loan
Once an offer has been accepted, we will prepare your loan disclosures. When signed, the file will be submitted to the lender for underwriting review. During this time, you will be asked to start shopping around for home owners insurance. Once the underwriter is done, you will be asked to provide a few pieces of additional information and some documentation that was not previously available such as a copy of your escrow deposit check (or wire).
Step four: closing
Then we move on to closing. The seller chose the title company at the time of initial contracct. We coordinate together with them to prepare the final closing disclosure and the lender provides all of the necessary state and federal documents to the title company for signing on your contract closing date.