Loan Process

The first step in obtaining home loan financing is to fill out the loan application, Our experienced team of loan officers will be happy to assist you in filling out the loan application if you should have any questions. We will make an appointment to meet with you at your convenience if you desire. Whether you choose to meet with us or fill in our online application, you will eventually need to provide us with some personal and financial information (click here for a list of what you need to provide). If you are unable to provide some of the required documents, you can provide them to us at a later date before your final approval.

Typically, the first step in the process of purchasing a home is to secure one of two things from a mortgage lender: a pre-qualification or a loan pre-approval. These are distinct processes, so it is important to understand the difference.

 

Pre-qualification

 

A pre-qualification, acts as a dry run of the loan application, process. A lender’s mortgage loan originator can typically pre-qualify you for a loan in less than an hour. To establish a loan pre-qualification, you will need to complete a mortgage application and authorize a credit report. You should also provide your mortgage loan originator with as much income documentation as possible. A review of the mortgage application, your credit, and your income documentation, will determine if you are pre-qualified for a home loan. Your mortgage loan originator will then be able to tell you:

 

  • The types of loans you may qualify for
  • The loan amount you qualify for
  • The sales price on a home you can qualify for
  • The current rate and fees for the selected loan

 

Pre-Approved!

 

A pre-approval takes a home loan pre-qualification one step further. Your mortgage loan originator will compile the information gathered from your credit report and asset/income statements to secure a valid home loan pre-approval. When you become pre-approved you will receive a letter stating that your home loan is pre-approved. A valid home loan pre-approval is the best tool you can have when shopping for a new home. The key is to ensure that your loan pre-approval is valid. A loan pre-approval that is valid has been underwritten by an underwriter or an automated approval system. With a valid loan pre-approval in hand, all you have to do is find the home you want, have it appraised, and then close your loan.

 

For more information on the loan pre-approval process, click here.

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