The first step in obtaining a loan is to determine how much money you can afford on a monthly basis. In case of buying a home, you should determine how much home you can afford even before you begin looking. By answering a few simple questions, we will calculate your current buying power, based on industry guidelines and current mortgage interest rates.

You may also elect to get pre-approved for a loan which requires verification of your income, credit, assets and liabilities. It is recommended that you get pre-approved before you start looking for your new house so you:

• Look for properties within your range.
• Be in a better position when negotiating with the seller (seller knows your loan is pre-approved).
• Close your loan quicker.

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 different types of home loans. Each has different reasons you’d choose them.

By carefully considering the above factors our loan officers will help you to select the loan option that matches your present situation as well as your future financial goals. 

Once you’ve found the home you love, your next step is to Apply using our Once you’ve found the home you love, your next step is to Apply using our Secure Online Applincation. Our streamlined app syncs with your bank to get you accurate numbers, fast! 

With a simple online application, document submission and  far fewer hurdles we allow our clients to E-sign and go. The old, time-consuming mortgage process is a thing of the past. 

Although lenders conform to standards set by national and government agencies, loan approval guidelines vary depending on the terms and variables 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. Our loan processor will verify all of the information you have given. If any discrepancies are found between the verbal information you have given and the financial documentation you submitted, either the processor or your Mortgage Advisor will troubleshoot to straighten them out. This information includes:
Income/Employment verification.
Assets to cover the cost of closing.
Credit review to confirm no other past-due obligations.
We follow Industry guidelines to evaluate and determine your income will cover of all your debts.

When an application is totally completed, the underwriting process begins. Now Lender checks the application taking a variety of components into account: credit score, risk scores, and many lenders generate their own unique criteria for scoring that can be unique to their business or industry.

Credit Check

What is your ability to repay debts when due?  Your credit report is reviewed to determine the type and terms of previous loans. Any lapses or delays in payment are considered and must be explained.  A Mortgage Lender is considering extending you the largest amount of debt, for the longest period of time.  How you have dealt with previous credits could be an indication of how you will act in the future.

Asset Evaluation

Do you have the funds necessary to make the down payment, pay closing costs and potentially have “reserves” after closing?  There are multiple sources where you can secure these funds.

Property Appraisal

Is there sufficient value in the property? The property is appraised to determine current market value. Location and zoning play a part in the evaluation.  A Mortgage Lender will extend you credit based on your qualifications, but it’s also because you are pledging your property as collateral.  Determining the current market value is very important.

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. For purchase transaction, the signing normally takes place at a title company and lasts about an hour. For refinances, the location is a bit more flexible, but typically takes place at our office.

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 Cashier’s check for the down payment and closing costs if required. Personal checks are NOT accepted. You also need a valid (not expired) form of identification.

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 be finalized. These three days do NOT include Sundays or holidays.