The Loan Process
We have done all we can to make your entire
experience as fast and easy as possible. We have streamlined the loan
process to get your loan closed in days, not months, and can
pre-qualify you in 24 hours.
Here are the general steps in our loan process:
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1.
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Contact loan consultant.
Discuss your financial goals and individual situation with one of our experts.
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2.
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Let US go to work for you.
After listening to your needs and goals, your loan consultant will need some
information from you, such as credit history, estimated value of the
property, your home’s equity or your available cash for a down payment.
We give our customers honest, expert advice and the education to
understand the various programs and terminology.
Once we have this information, your loan consultant will begin to
customize a program and rate exactly right for you. Our loan specialists
have variety of loan programs to fit any and all of your lending needs.
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3.
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Receive your rate and program quote.
Based on the information collected and your credit report, your consultant
will give you a customized loan program and rate you will most likely qualify for.
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4. |
Send in your documentation.
All lender’s require an actual application. This is a standardized form
known as the "1003", which is the Fannie Mae designation for this form.
In addition to an application, your loan consultant will request
financial documents, such as W-2 forms for 2 years, pay stubs and bank
statements for asset verification. Other information, such as your
credit history, will be obtained directly from the credit bureau.
In most cases, a loan consultant will set an appointment for an
appraiser to meet you in order to assess the value of your home. In the
case of a purchase, other inspections may also be done, but are
separate from the appraisal for the loan. (See our checklist for a list of documents that may be requested.)
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5. |
Lock-in your rate.
Sometime before your loan documents are drawn, your loan consultant
will "lock in" a rate for your loan. The purpose of the lock is to
ensure you receive your loan at the "locked-in" rate (provided the loan
closes before the lock period expires), even if rates are higher at the
time of funding. This lock-in can be offered at the time of
application, upon approval or anywhere in between.
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6. |
We will get you approved.
During the "processing" and/or "underwriting" period, your credit, assets, income
and other determinants are checked and compiled. With your application
now complete, your loan consultant will notify you when your loan is
approved. At this time, an appointment will be made for signing the
loan papers.
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When you make a mortgage decision, we know it is not just simply
a loan. It’s one of the biggest investments you will make during your
lifetime. Understanding the loan process is an important part of the
experience and can minimize the likelihood of frustration and
confusion.
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Equal Housing Opportunity Lender