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An overview of the loan process
Decisions. There's a lot involved in purchasing a home. It would be simple if you could complete a loan application and get the loan funded the same day. That's not the case, so we're here to guide you through the process – and you can concentrate on preparing to move into your new home.
There are four main steps involved in getting a mortgage loan. You'll see that we've made your steps as easy as possible. We're here to help!
| Step 1: Determine how much you can borrow |
How much of a monthly payment can you afford? And considering your unique credit and employment history, income, debt and goals, how much will a lender loan to you? The calculators on our Web site will help you get a rough idea of how much you can borrow. We'll also help you through different scenarios by asking a few simple questions. Based on standard lending guidelines, you'll have a good idea of what kind of terms and loan programs will benefit you most.
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| Step 2: Pre-approval for your loan |
You provide information to us about your employment, your assets, your residence history, and so on. We obtain your permission to get your credit report. After we review all this information, if you qualify, we'll 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-Approval Letter to make the best offer on the home you choose. The seller knows that your loan is pre-approved, so you have the negotiating power you need. While you're picking out the perfect home, we're busy finding the loan that's right for you.
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| Step 3: Apply now! We make it easy |
Once you've made an offer and it's been accepted, it's time to complete the loan process. It couldn't be easier! You can do it online, right here at our Web site. When the time is right, we'll order an appraisal of your new home.
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| Step 4: Your loan is funded |
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Your real estate agent and the seller's agent will work together to designate the escrow/title company to handle the funding of your loan after approval. 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.
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You've answered a few questions, given us some detailed information, applied online, and next thing you know, you're moving into your new home!
We're in the business of mortgage loans – so we'll help you by doing most of the work!
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