The Loan Process

Buying a home can be a stressful experience - our goal is to remove that stress and friction that is caused by a lack of control and/or the fear of the unknown.  Here is a snapshot that will certainly remove some of the stress for you.

1. Go through the pre-qualification process.
2. Work with your loan officer to find the best mortgage for you.
3. Complete a loan application and get pre-approved.
4. Go find a home!
5. Submit supporting documentation as requested.
6. Close your loan and settle

1) Go through the pre-qualification process.

The purpose of this step is determine your wants and needs, and we do this by asking questions.  Our job is to put you and your family in the loan that best fits those needs.  This is our opportunity to interview one another, and through this part of the process you will begin to determine if you feel like we will be able to help guide you in the right direction and deliver the home of your dreams!

2) Work with your loan officer to find the best mortgage for you.

 Some companies in this industry are simply order takers - we are mortgage professionals and it is our job to help you find the mortgage that fits you best. Is the rate important?  Yes, but more important is the type of loan and the structure of that loan because a loan that starts off with a 1% interest rate that can adjust each month may not fit your needs.  Here are some other factors to be considered:

How long do you plan to keep the loan?
Would a fixed or adjustable rate mortgage be best for you?
How many points should you pay?
Will the seller be contributing towards any costs?
When should you lock in your rate?

Based on your needs and the situation, your loan officer will show you which mortgage products work best for you. During the whole process, we are here for you to answer your questions with our years of experience.

3) Complete a loan application and get pre-approved.

Once we go through the pre-qualification process you will have a good idea of how much house you want to buy. A pre-qualification gives you a no obligation quick and easy idea of what you can borrow. It is a helpful and painless first step. Pre-approval takes things one step further by seeking automated underwriting approval based on the verbal information you have given us through your loan application, and based on your credit report.  This involves more time but is very useful when making an offer on a property. Sellers will obviously consider an offer more seriously that is pre-approved over one that is of unknown backing.

4) Go Find a Home!

If you have not already found the home of your dreams, go out and do so now!  If you do not have a Realtor, ask about our PrimeBenefit Program.  Through this program, you can actually receive cash back at the table!  Ask us about the PrimeBenefit Program.

5) Submit Supporting Documentation as Requested.

We will send you a formal request for information in order for your file to be underwritten and approved.  This package of information will be sent electronically and will have documentation we need you to sign as well as documents we need you to collect and return to us.  Because loans are like snow flakes (no two are exactly alike), the documents to be collected will vary from loan to loan.  Here is a sampling of those documents that may be requested:

Copy of two recent pay stubs the two most recent W2s
(If you are self employed, you need two years of tax returns and a YTD profit and loss statement)
Verification of any additional income
Tax verification information
Previous property assessments, if applicable
If you own any rental property, provide copies of the rental agreements and two years of tax returns
Three months bank statements for each bank, IRA/401K, stock and mutual fund account.
Co-borrower information
Provide a copy of divorce decree if applicable.
If you are not a US citizen, provide a copy of your green card (both sides)
If you are not a permanent resident provide a copy of your H1 or L1 visa.
Provide a copy of your current mortgage statement

6) Close your loan and get your keys!

As your closing date nears, we will keep you informed on a regular basis, because staying on top of things means you’ll know immediately if there’s a problem that must be dealt with.

For your closing you should plan to bring a cashier's check in the amount discussed with your loan officer.  Additionally, ensure you have proper identification.  At the closing itself, you should expect to see your realtor and, when geographically possible, your loan officer. You will sign the necessary legal documents, pay your closing costs and escrow items and receive your closing documents.

Now you receive your key, move in and celebrate!

Remember, you should never hesitate to ask questions. Ask what ever you need to so that you understand the entire process.