Step 1: Qualifying
Before you start shopping for that dream home, it’s a good idea to determine how much you can afford to borrow. We recommend that you spend some time looking at your budget. Make a list of where your money comes from and where your money goes to each month, and develop a personalized income and expense report. Once you have determined how much money you have available for a monthly mortgage payment, you can use our calculators to determine how much home you can afford.
Step 2: Applying for a Loan
Our online Application system is a quick, easy and safe way to start the loan process. You'll need to answer a few questions about yourself and the property you are interested in buying, as well as some basic questions about your income and finances. Upon receiving the application, your personal loan officer will call you to discuss the details of your loan. Of course, you can always call us directly at (888) 777-7055 to schedule an appointment with a Loan Officer or complete the information over the phone.
Step 3: Finding and Securing the Right Property
Once you know how much you can afford, you're ready to find a property. When searching for a house, we suggest that you consult a professional real estate agent. We also recommend that you make a list of those factors that are important to you - such as location, number of rooms, size of rooms, proximity to your job and the quality of the school district - and then rank those items in order of importance. If you're considering an out-of-state relocation, you may also want to research "hidden" cost-of-living increases; such as utility prices, car insurance rates and property taxes.
Step 4: Selecting a Loan Program
There are a number of factors to consider when determining which loan program is best for you: the relationship between interest rates and points, the length of time you plan to stay in the home, your financial status and the list goes on. The good news is that you don't have to figure all this out on your own. Our experienced loan specialists are trained to ask the right questions and help you evaluate these factors. We'll work with you to select the right loan product for your needs and help you decide whether to lock or float your rate until closing.
Step 5: Loan Processing
Your personal loan officer will send you a package of documents in duplicate that will provide you with information about the loan for which you have applied, along with a list of documents required for your application to be complete. As always, your loan officer and processor will be available to answer any questions you may have and work with you to complete all necessary paperwork. You will then sign the documents in the package and return our copies along with any additional documentation that has been requested.
Step 6: Approval and Clearing to Close
This is the "home" stretch! Assuming your financial documentation is all in order, you will be approved for home financing and issued a mortgage commitment letter. You should arrange for your homeowner's insurance coverage immediately so as not to delay your closing. Our closing department will review certain documents, such as the title report and survey (if required) for your new home and you will be cleared to close.
Step 7: Closing
The closing is the most crucial step in the mortgage process, because legal documents are signed and substantial amounts of money exchange hands. It is also the most exciting step, because it is the only thing standing between you and your new home. The closing is held at one of our approved settlement agent offices, usually a title company. Any funds required from you at the time of closing must be certified funds per state law requirement. This can be in the form of bank cashier's check, credit union drafts or bank wired funds. You should learn the exact amount about 24 hours prior to your closing.
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