The Loan Process

1. Get your documents & finances in order.
2. Get pre-approved to determine how much you can borrow.
3. Work with our loan officers to find the best mortgage for you.
4. Close your loan and settle

You should start with reviewing your credit report. Your credit report will be used by your prospective lender as a measure of how you manage your finances. Good credit gets you better rates and a stronger negotiating position for terms. Most people are surprised at their report’s contents because errors in reporting are common. Now is the time to clean them up.

These are most of the common documents we require to process a loan application.  Note, not all will be required, but most are almost always necessary.  Every applicant on the loan must provide the following applicable documents:

Copy of two recent pay stubs the two most recent W2s
If you are self employed, you need two years of tax returns
Two years of Business License's for Self Employed
A copy of your homeowner’s insurance policy 
If you own any rental property, provide copies of the rental agreements
Two months bank statements for each bank, IRA/401K, stock and mutual fund account
Valid photo identification, from a state or federal agency such as a Drivers License or ID Card,  or Resident Alien Card          Copy of your most current Mortgage Statements

Once you get qualified you will have a good idea of how much you can afford. A pre-qualification gives you a no obligation quick and easy idea of what you can borrow. It is a helpful and painless first step. Pre-approval verifies your income, credit and debts. This involves more time and expense but is very useful when making an offer on a property. Sellers will obviously consider an offer more seriously that is pre-approved over one that is of unknown backing.

Your loan officer will help you find the mortgage that fits you best. There are a lot of factors to be considered. How long do you plan to keep the loan? Would a fixed or adjustable rate mortgage be best for you?  What other costs are involved? When should lock in your rate? Based on your needs and situation, your loan officer will show you which mortgage products work best for you. During the whole process, we are there for you to answer your questions with our years of experience.

We will review your loan application and supporting materials with you to make sure that your loan package is correct and as strong as possible. Then we will shop your loan application package to several lenders to find you the best deal possible.

As your closing date nears, our loan officers and realtors will check the progress on your loan and purchase, on a daily basis, because staying on top of things means you’ll know immediately if there’s a problem that must be dealt with.

For your closing you should bring all of your documentation that you’ve used during the whole process. At the closing itself, everyone involved in your transaction will be present (buyer, seller, and the escrow/title closing agents). You will sign the necessary legal documents, escrow items, and receive your closing documents.

For home purchases, now you receive your key, move in and celebrate!   For refinance transactions, as soon as the loan is funded and recorded with your county, you will be officially done.  This process takes apx four business days from the date of signing.

Remember, you should never hesitate to ask questions. Ask what ever you need to so that you understand the entire process.