Thinking about getting a new mortgage?
Whether you are purchasing a new home or refinancing your current mortgage, the process of getting a home loan doesn't have to be overwhelming. A loan officer can be a useful guide through this process, even before your home search begins. Your loan officer will take you through the four basic phases from the preliminary decisions through the final loan funding. Let’s take a closer look at these steps:
Preliminary decisions
First, working with you, we will determine what type of loan will benefit you most. Based on factors such as your employment history, income and debts, and credit history, we can decide the general amount that a lender would loan you and how large of a payment you could make. We will also consider the best terms available and the legal ramifications of ownership.
Pre-Qualification
Next, we will gather and review the necessary information (such as residence and employment history, assets, etc.) and run a credit score in order to give you a Pre-Qualification Letter. This letter tells the seller that you are a viable buyer and increases your negotiating power. Now you are ready to look for the home that best fits all your needs.
The Home Search
Now that you know how much home you can comfortably afford, you can begin the home shopping process. Before you begin looking, it is important to know what features you want, or need in a new home. This list will help your real estate agent narrow down the list of available properties in your area and make your home shopping an enjoyable experience.
Loan Application
Now that you have found the house you want, made an offer, and the seller has accepted your offer, the next step is the loan application. Because you have already completed the loan pre-approval process, much of the necessary information has already been gathered. You may complete your loan application directly from this website, over the phone or in person. Once your loan application has been received and approved, we will arrange for an appraisal of the property.
Loan Funding
The real estate agents of both the buyer and seller will agree on an escrow/title company to serve as an agent in handling the loan closing process. We’ll coordinate with the escrow agent to help make sure that all of the necessary paperwork is completed in order to facilitate this final step. The final stage of the closing process will require your signature on the formal loan papers. The escrow agent will arrange this and then the agent will give you the keys and the home is yours!
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