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. Fortunately, I will do most of the heavy lifting for you, so you can concentrate on what's important -- preparing to move into your new home, saving money, or making plans.
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 I am here for. This page is kind of a simplistic view. I have also created a series of video entitled "The Mortgage Process" with a link at the bottom of the page. This series gives you a chance to meet me and go into a little more detail.
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? And 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 my website. I will also help you through different scenarios by asking a few simple questions. After a short time we will get on the same page as to what type of loan you are looking for. Then I will email you a good faith estimate and we can refine our discussion a little more if need be.
Step two: pre-qualify for your loan
This is where the rubber meets the road. You will supply information about your employment, your assets, your residence history, and so on. I will run your credit and start to collect all of the facts surrounding your transaction. When we review these items together, this will point us towards the best loan for you. Then I issue a pre-qualification letter and you can go shopping. Whether you are doing a refinance or a purchase, I can email you your paperwork the same day. If you prefer, I can mail you the paperwork as well.
Step three: apply now! We make it easy
Once you have signed the paperwork and returned fax or mailed, you have applied. This is something that can be done very quickly if need be. It couldn't be easier, and you can do it online, right here on my website. When the time is right, we'll order an appraisal and title work for your transaction. I do not ask for any money up front, just pay for the appraisal when the time comes.
Step four: your loan is funded
After I assemble your file and send it to the underwriter, it is my job to iron out all of the details of the loan so that the bank is equally happy with your loan. Sometimes this involves a little clarification on certain issues or a letter of explanation here or there. Once your file is clear to close, we will meet at the title company or attorney's office for the closing. 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. As your closing agent it is their job to explain any details or paperwork that you do not understand. As always, I am available to answer questions as well. Some customers choose to hire their own attorney to sit in their corner for added protection.
You've answered a few questions, given us some detailed information, applied online, and next thing you know, you're moving in! We're in the business of mortgage loans -- so we do most of the work. Doesn't that make sense? Please see my video series entitled "The Mortgage Process" which will provide much more detail.
An overview of the loan process
