This step entails contacting our team and setting up an appointment on the phone or in person. We’ll have a discussion about income, liabilities, and down payment. It is at least a 5 minute conversation, and does not necessarily require documentation. We’ll end this discussion knowing approximately how much you will qualify for. It’s important to do this step well ahead of when you plan on making an offer on a house, so that when you find the right house, you are ready to go.
Select the right loan program
This will depend on your credit rating, how much you have for down payment, the purchase price of the home, and your type of income.
Apply for a loan
This is where we will take a mortgage application with a face to face or phone appointment. It typically take about 30 minutes, and requires that we collect and verify all supporting documentation for income, assets, and credit history.
Begin loan processing
This is where you get into contract on the home you are purchasing. We then process and underwrite your loan, which basically means the bank examines your qualifications closely to be sure they have everything they need to issue the loan. Here is where you will likely be asked for additional documentation depending on your specific situation, the loan you are applying for, and the bank’s guidelines.
Close your loan
In order to close your loan, you will need to wire your funds to close to the title company. In addition, you will set up an appointment and sign all your formal loan documents. Once the loan has funded and records with the county, you will get your keys (and celebrate)!