Make no mistake, there's a lot involved in getting a mortgage. We take the hasle out of the process, so you can concentrate on what's important -- preparing to move into your new home, saving money, or making plans for your home equity line of credit.
There are four main steps involved in getting a mortgage. 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? 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 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: pre-qualify for your 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! It gives you buying clout! Even with a pre-approval, your offer to purchase shoul be made wih a "subject to financing" clause. Even though you meet the lender's requirements, the actual home selected and its value is an intergral part of the final approval.
Step three: apply now! We make it easy
Once you've made an offer and it's been accepted, it's time to finalize the mortgage application and provide the lender with the perinent property details, copy of the contract etc. When the time is right, we'll order an appraisal of your new home if required.
Step four: your mortgage is funded
Your realtor and the seller's will work together with your lawyer or notary to register the mortgage and transfer title of the property. We'll coordinate with the legal company to make sure all the papers your lender will need are in order, and you'll sign everything at the legal company's office.
You've answered a few questions, given us some detailed information, and next thing you know, you're moving in! We're in the business of mortgages!
An overview of the mortgage process