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. What I do is 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 check.
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 am 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, you'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step two: pre-qualify for your loan
This is where the rubber meets the road and you save the most money. You supply information about your employment, your assets, your residence history, and so on. When all this information is reviewed, I will furnish you a Pre-Qualification Letter. Handle it with care -- to a home seller, it's like a suitcase full of cash! Your realtor will use your Pre-Qual (as they may call it) to make the best offer on the home you choose, and the seller knows you're pre-qualified. It gives you buying clout! And while you're picking out the home that's right for you, we're busy finding the loan that's right for you.
Step three: your loan is processed
Now I will process your file, and this where I really earn my money. Everything is done behind the scenes including appraisal, title work, insurance coordination, complete underwriting by the end lender and many other "nuts and bolts." It is my goal to make all of this seamless and enjoyable for you. Just furnish me with a few items along the way and I will do the rest.
Step four: your loan is funded
Your realtor and the seller's agent will work together to coordinate a day and time for your closing. I'll coordinate with the title company to make sure all the papers your lender will need are in order, and you'll sign everything at the title company's office.
You've answered a few questions, given us some detailed information, applied online, and next thing you know, you're moving in! We're in the business of mortgage loans, you're not -- so we do most of the work. Doesn't that make sense?
An overview of the loan process