An overview of the loan process

An overview of the Loan Process

Make no mistake, there's a lot involved in getting a mortgage loan. You wouldn't be here on my website if you could fill out a one-page application and get the best loan for you funded the same day. I do most of the heavy lifting for you, so you can concentrate on what's important -- preparing to move into your new home, saving money, or making plans for your home equity line of credit.

There are four main steps involved in getting a loan. You'll see that I've made your part in them as easy as possible, and I do all the work! That's what I'm here for.

Step one: Determine how much you can borrow

This is a function of a couple things. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? The first part you can get a rough idea of by using the calculators on my website. I'll also help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, I'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.

Step two: Get Pre-Approved for your loan

This is where the rubber meets the road and you save the most money. You supply documents about your employment, your assets, your residence history, and so on. I get your permission to run your credit score. When the Underwriter Approves your Loan based on your Income, Credit, and Asset documentation - I give you a Pre-Approval Letter. Handle it with care -- to a home seller, it's like a suitcase full of cash! Your Real Estate Agent will use your Pre-Approval (as they may call it) to make the best offer on the home you choose, and the Seller knows you're Pre-Approved. It gives you buying clout!

Step three: Apraisal and Title

Once you've made an offer and it's been accepted by the Seller thru an executed Contract of Sale , it's time to complete the Loan Process by having the home you've chosen Appraised and the Title of the home reviewed by an Real Estate Attorney of your choice. It couldn't be easier since I order both of them for you!

Step four: Your Loan is Funded

Your Real Estate Agent and the Seller's Agent will work together to designate an acceptable time for the Closing between You, the Seller , and the Attorney once your loan has been Cleared to Close by my Underwriter. We'll coordinate with the Attorney to make sure all the Closing Documents are in order, and you'll sign everything at the Attorney's office.

You've answered a few questions, given us some detailed information, applied online or over the phone with me, and next thing you know, you're moving in! I'm in the business of mortgage loans -- so I do most of the work. Doesn't that make sense?

Equal Housing Lender