The Loan Process in Steps

Step #1 Determine Needs

  • Discuss the buyer’s objectives
  • Property Type (Condo, Single Family, Townhome)
  • Timeline (When do you need or want to move by?)

Step #2 Pre-Approval

  • We will discuss employment history and income
  • Current address
  • Assets and Debts
  • Amount available for down payment and closing costs
  • Obtain all of your paperwork/documents (NEEDS LIST)
  • Analyze paperwork and credit report
  • Receive pre-qualification letter and qualification calculator

Step #3 Application and Offer

  • Prior to finding your dream home, we can submit your information and application, this will provide you with a commitment letter or pre-approval letter that strengthens your purchasing power
  • If you already have a property in mind, this is when you submit an offer to the seller
  • Earnest money is transferred to the Title Company to hold
  • Once the offer is accepted you will then request an inspection… (highly recommended- but not required with every loan type)
  • An appraisal will then be conducted to determine the estimated value based on comparable properties in the area

Step #4 Processing

  • Documents are sent to a loan processor for verification
  • Employment is verified

Step #5 Closing

  • Both parties meet with closing agent to sign all mortgage related documents
  • The closing agent will discuss each page of the document and what it is you are signing
  • Forms are notarized
  • Lender releases funds to seller
  • You become a proud new homeowner!!