An overview of the loan process

Make no mistake, there's a lot involved in getting a mortgage loan. You wouldn't be here on our website if you could fill out a one-page application and get the best loan for you funded the same day. What we do is most of the heavy lifting for you, so you can concentrate on what's important -- preparing to move into your new home and saving money.

There are four main steps involved in getting a loan. You'll see that we've made your part in them as easy as possible, and we do all the work! That's what we're 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 or do you want to spend on a housing payment? Also, 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 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: Get Pre-Approved for your home 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 score. 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 real estate agent will use your Pre-Aprroval 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 finding the loan that's right for you.

Step Three: Complete the loan and approval process. We make it easy.

Once you've made an offer and it's been accepted, it's time to complete the rest of the loan process.  We will update any necessary documentation, create your formal application and loan disclosures for your signature(s) and when the time is right, we'll order an appraisal of your new home.  We will coordinate your closing with the Title Company and assist you with your property insurance.  Once all the required documentation is collected and the appraisal report is received, your loan request will be underwritten and your loan commitment will be issued.

Step Four: Your loan is funded

Your real estate agent and the seller's will work together with the closing agent to handle the funding of your loan once it's approved. We'll coordinate the closing instructions with the attorney or title company so they can prepare the HUD-1 closing or settlement statement.  Once we approved the HUD-1, the closing agent will release the final figures you need to get your cashier's check for closing.  Typically, the actual closing will occur at the closing agent or real estate agents office.

Apply Now

Return to Loan Options