Our Lending Process
Each client has a unique financial position and real estate goals, and so deserves a loan officer committed to serving their specific needs. With this in mind, we use the following approach to guide you through the lending process.Phase 1:
Establishing Our Relationship and Helping You Get Organized
Our first meeting is an opportunity for us to get to know you better,
answer the questions you have about the financial aspect of your real
estate transaction and make you aware of the variety of programs we
can access to help you achieve your goals. We will also provide you
with a list of documents that you will need to gather in order to
move forward with the approval process.
Phase 2: Getting Qualified
The first step in applying for a loan is typically pre-qualification. This serves as a good indication of your general creditworthiness to potential sellers and can be done quickly. Pre-approval takes pre-qualification a step further. It includes verification of your credit, income, assets and liabilities. This will help you determine how much you can afford to spend on a home, put you in a stronger position for negotiating and help you close more quickly.Phase 3: Assessing Loan Program and Rates
We will help you sort through a variety of loan programs loanprograms.htm and rates to find a loan that fits your needs. We will begin by assessing the length of time you intend to keep the loan. Next, we will help you understand the relationship between rates and points. Together, we will discuss the amount of risk you are willing to take to achieve your real estate goals.Phase 4: Obtaining Loan Approval
When you submit your application for a loan, we are actually verifying and determining: Your income and the stability of your employment; the amount of other debts you currently have; the affordability of your new mortgage payment; the source of your down payment; analyzing your past credit history; and the value of the property you would like to purchase or refinance.Within 3 days, you will receive a Good Faith Estimate and a Truth-in-Lending Disclosure. These documents will itemize the rates and mortgage fees associated with your loan, including inspections, title insurance and taxes.
Phase 5: Closing the Loan
After your loan is approved, we will review the details to make sure you feel confident about the financial commitment you are about to make. At this time, we will address all of your final concerns and schedule a closing date with a title company.At closing, you will sign the paperwork to take ownership of your home if you are purchasing or transfer your home loan if you are refinancing. You will receive a settlement statement that details all of your expenses in the transaction, as well as how your loan proceeds were distributed. You will also receive a title policy that insures your ownership of the property.
