Step one: Determine how much you can borrow or want to borrow.
This is a function of a five (5) elements:
1. How much of a monthly payment can you afford or want to have?
2. Reasonable credit (better the credit, the better the rates)
3. Employment history, income and debt, and financial goals
4. Savings (reserves)
5. Down payment amount
The first part you can get a rough idea of by using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, we'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 and pre-approval 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. We get your permission to run your credit and credit scores. When we review all this information we give you a Pre-Approval Letter. Handle it with care -- to a home seller, it's like a suitcase full of cash!
Your realty agent will use your Pre-Approval to make the best offer on the home you choose, and the seller knows you're pre-approved. It gives you buying clout! And while you're picking out the home that's right for you, we're busy working on your loan.
Step three: Finish the loan application package now! We make it easy.
Once you've made an offer and it's been accepted, it's time to complete the loan application package. It couldn't be easier, we can do it over the phone and/or email, or at the office or you can do it online, right here at our website. When the time is right, we'll order an appraisal of your new home and then to lock your loan interest rate for closing.
Step four: Your loan is funded.
Your realty agent and the seller's will work together to designate an escrow/title company to handle the funding of your loan once it's approved. We'll coordinate with the escrow company to make sure all the papers your lender will need are in order, and you'll sign everything at the escrow/title company's office.