Loan Process

Determinate how much you can borrow

Getting qualified before you apply for a loan can help you understand how much you can borrow. When buying a house, you may get pre-qualified or pre-approved.
We can provide you with different scenarios by asking a few simple questions. Based on standard lender guidelines, we can get you a good idea of what kind of terms and loan program you can expect to benefit most from.
It is highly recommended that you get pre-approved before you start looking for a house. This will help you find out the maximum house you can buy, so you don't waste time looking for properties you cannot afford. Pre-approval will also put you in a stronger position when you are negotiating with the seller.

Shop loan programs and rates

To find the best loan you will need to:

• Think about how long you plan to keep the loan. If you plan to sell the house in a few years you may want to consider an adjustable or balloon loan. On the other hand, if you plan to keep the house for a longer time, you may want to look at fixed loans.
• Compare different programs. With so many programs to choose from, each of which has different rates, points and fees, it is hard to figure out which program is best for you. An experienced loan officer can help you make a decision.

Apply for a loan

Once your completed and signed loan application has been received we will start the loan approval process immediately. This involves verifying your credit history, employment history, assets and property value.
Based on your specific situation, additional documents or verifications may be required. Respond promptly to any requests for additional documents. This is especially critical if your rate is locked or if you plan to close by a certain date.

To improve your chances of getting a loan approval:

• Do not make any major purchases or have multiple companies pull your credit. Anything that causes your debts to increase might have an adverse affect on your current application.
• Do not move money into your bank accounts. If you are receiving money from friends, family or other relatives, please contact us.

Close the loan

After your loan is approved, you will be required to sign the final loan documents. Title Company will be designated to handle the funding of your loan. We will coordinate with the escrow company to make sure all the papers your lender will need are in order.
Be prepared to:

• Bring a cashiers check for your down payment and closing costs if required. Personal checks are normally not accepted.
• Review the final loan documents. 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.

Your loan will normally close shortly after you have signed the loan documents. On refinance and home equity loan transactions federal law requires that you have 3 days to review the documents before your loan transaction can close.