The Loan Process
This is the time to get in the know. A pre-approval will give you an advantage when you find your perfect home. We can tell you what you need to get pre-approved, so you know the exact loan amount you qualify for, what your monthly payment will look like, and how much taxes and insurance will be. With a pre-approval, the loan process will be smoother and your offer will be stronger.
Your application will provide a complete picture to loan investors of your assets, debts and what you are buying. It will take into account documents such as pay stubs, proof of income, tax returns, employment history, and information on all debts, assets, and sources for down payments. Don’t worry, we will request these documents as applicable for your loan application so that you can be fully prepared.
Fixed rate? Adjustable? FHA? There are multiple loan options that may fit your unique needs, and we can help you choose. Are you looking for the consistent rates and payments that a fixed rate loan can provide? Do you want the short-term benefits of lower rates that an adjustable rate loan can bring? Our extensive portfolio of loan options means you have more options available to get just what you need.
Your loan has specific investor guidelines that must be met, and an underwriter will review your documents to be sure that you meet them. While an underwriter reviews your file, an appraisal will be ordered on the home. Additional information may be requested, so don’t panic if you have to turn in more documents. That’s just the underwriter working hard to get your final approval.
Before your loan is approved, you will receive pre-approval and a list of closing conditions that need to be met. These conditions can include verification that your employer is current and proof that homeowner’s insurance has been obtained. Once closing conditions have been satisfied, the underwriter issues a clear to close. Congratulations, your loan has been approved!
With an approved loan, you are on the home-stretch towards closing. The lender will send closing documents to a title company that draws up paperwork and arranges for signing of documents. Once the documents have been signed and funding conditions have been met, the title is recorded and the process is complete. You are a proud owner of your new home, and the keys are yours!
How Much Home Can You Afford?
We simplified the Process.
Check out our user friendly Home Affordability Calculator to assess your debt-to-income ratio, down payment, loan amount, and mortgage payment all at once. It’s just like having your own personal adviser at the click of a button.
Use our Mortgage Calculators to quickly and easily see current mortgage rates and determine what works for you.
We can help you find the home loan to fit your financial needs.
A conventional mortgage is a home loan that falls under the conforming loan limit of $453,100 (which is set annually by the Federal Housing Finance Agency)
A mortgage that is insured by the Federal Housing Administration (FHA). FHA loans allow for down payments as low as 3.5%* and lower credit scores than most conventional loans. There are maximum loan amounts that vary by county.
Loans for premium real estate areas that exceed the conventional conforming loan limits (ranging between $453,100-$679,650 depending on area)
If you are 62 or older, leverage the equity on your primary residence.
A loan to fund your small town dreams of rural home ownership, with lenient down payment, income and credit requirements.
Loans for veterans, servicemembers or surviving spouses. With qualifying income and credit, you can buy a primary residence with no money down at a fantastic rate.
Tips for a Successful Closing
- It is extremely important that you do not make any major life changes immediately before or during the loan process.
- Don’t quit your job or change jobs.
- Don’t make any large purchases like a new car.
- Don’t co-sign on any loans for someone else.
- Don’t spend money that you have set aside for your down payment or closing costs.
- Don’t make any changes to your credit like opening new cards or even closing accounts without guidance from a professional.
- Keep Calm! The loan process can seem overwhelming, especially if it is your first time.