Loan Process
Step 1. Find Out How Much You Can Borrow
The first step in looking for houses isn’t actually looking for houses—it’s determining how much you can spend. That should inform every step of your home buying process, as your budget and overall purchase experience comes down to cost.
Our Mortgage Calculator is available here so that you can find out just how much you should consider borrowing. Remember that you will also need to pay property taxes and homeowners insurance.
Mortgage Calculator
Step 2. Choose the Right Loan Program
Home loans come in many shapes and sizes. Deciding which loan makes the most sense for your financial situation and goals means understanding the benefits of each. Whether you are buying a home or refinancing, there are 2 basic types of home loans - Fixed Rate Mortgages and Adjustable Rate Mortgages (ARM). Each has different reasons you'd choose them.
Click Here to Learn More about the different Loan Programs!
Step 3. Apply for Your Loan
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Step 4. Begin Loan Processing
Although lenders conform to standards set by government agencies, loan approval guidelines vary depending on the terms of each loan. In general, approval is based on two factors: your ability and willingness to repay the loan and the value of the property.
Once your loan application has been received we will start the loan approval process immediately. Your loan processor will verify all of the information you have given. If any discrepancies are found, either the processor or your loan officer will troubleshoot to straighten them out.
Step 5. Closing Your Loan
After your loan is approved, you are ready to sign the final loan documents. You must review the documents prior to signing and make sure that the interest rate and loan terms are what you were promised. Also, verify that the name and address on the loan documents are accurate. The signing normally takes place in front of a notary public.
There are also several fees associated with obtaining a mortgage and transferring property ownership which you will be expected to pay at closing. Bring a cashiers check for the down payment and closing costs if required. Personal checks are normally not accepted. You also will need to show your homeowner's insurance policy, and any other requirements such as flood insurance, plus proof of payment.
Your loan will normally close shortly after you have signed the loan documents. On owner occupied refinance loan transactions federal law requires that you have 3 days to review the documents before your loan transaction can close.