The Loan Process
The Loan Process is really quite simple. Most people today are Pre-qualified because it helps them to negotiate better terms on their home purchase. You can easily pre-qualify with our on-line pre-qualification and a personal meeting with one of our loan professionals to discuss your personal financial situation.
Being Pre-qualified is a smart place to start because it lets prospective sellers know you have taken appropriate steps to possibly buy their home. We will ask you many questions to determine the best type of mortgage financing for you and your specific needs.
We determine, based on your financial position, the amount of mortgage you qualify for. We also take into consideration the term of the loan, the interest rates available, and your unique financial situation.
We will provide you with a "certificate" and "letter" stating the amount of loan you are qualified for with its terms. During the processing of your transaction, we will also assign a Senior Loan Consultant to your transaction. Your Senior Loan Consultant is available at any time to answer your questions.
Within 3 days after your loan application you will be mailed a Good Faith Estimate. This document is required by the Federal Government and will provide you with an estimate of your closing costs.
These costs include origination fees, discount points, mortgage insurance, title insurance, escrow reserves, hazard insurance and other fees associated with your loan. You will also be provided during this time a Truth-in-Lending Disclosure statement. This document details the estimated monthly payment for your loan as well as other things such as interest rate and the Annual Percentage Rate (APR).
The APR represents the amount of finance charges that you will pay over the life of the loan. APR also includes fees such as the origination fee and other fees. Once your loan has been approved, we will contact you, the listing agent and the selling agent. We will then want to know the exact date you would like to close on your transaction.
We will send you updates of your loan telling you what is still needed to get your loan approved. We believe the better informed you are the the better it is for you. You'll be glad we're your lender!