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LOAN PROCESS
  
There are 5 Basic Steps to the loan process listed in order, you can click on the steps or simply scroll down the page.
 
Step 1. Find Out How Much You Can Borrow

Step 2. Select The Right Loan Program

Step 3. Apply For A Loan

Step 4. Begin Loan Processing

Step 5. Close Your Loan
 
 

  
1. Find Out How Much You Can Borrow

The first step in obtaining a loan is to determine how much money you can borrow. In case of buying a home, you should determine how much home you can afford even before you begin looking. Look for properties within your range. It is recommended that you get pre-approved before you start looking for your new home. This will help you be in a better position when negotiating with the seller.
We have provided you with Loan Calculators as well as a Glossary for Mortgage Terms. You can use our Loan Request Form or Contact Us if you have any questions, we are here to help.
 
2. Select The Right Loan Program

Home loans come in many shapes and sizes. Deciding which loan makes the most sense for your financial situation and goals means understanding the benefits of each. There are 3 basic types of home loans whether you are buying a home or refinancing. They are: Fixed Rate Mortgage, Adjustable Rate Mortgage, Combination Rate Mortgage. Each with different reasons why you would choose them. You should be careful in considering the above factors, With our professional advice, you should be able to select the one loan that matches your present condition as well as your future financial goals. You can visit our Glossary as well.
 
3. Apply For A Loan

This step is required for "Pre-Approval". It takes about 15 minutes to complete. Try our Loan Request Form or Contact Us for details.
 
4. Begin Loan Processing

Although lenders conform to standards set by government agencies, loan approval guidelines vary depending on the terms of each loan. In general, approval is based on two factors: your ability and willingness to repay the loan and the value of the property.

Once your loan application has been received we will start the loan approval process immediately. Your loan processor will verify all of the information you have given. If any discrepancies are found, either the processor or your loan officer will troubleshoot to straighten them out. This information includes:

• Income/Employment Check
Is your income sufficient to cover monthly payments? Industry guidelines are used to evaluate your income and your debts.

• Credit Check
What is your ability to repay debts when due? Your credit report is reviewed to determine the type and terms of previous loans. Any lapses or delays in payment are considered and must be explained.

• Asset Evaluation
Do you have the funds necessary to make the down payment and pay closing costs?

• Property Appraisal
Is there sufficient value in the property? Property is appraised to evaluate physical condition, location and zoning.

• Other Documentation
In some cases, additional documentation might be required before making a final determination regarding approval.
 
5. Close Your Loan

After your loan is approved, you are ready to sign the final loan documents. You must review the documents prior to signing and make sure that the interest rate and loan terms are what you were promised. Also, verify that the name and address on the loan documents are accurate. The signing normally takes place in front of a notary public.

There are also several fees associated with obtaining a mortgage and transferring property ownership which you will be expected to pay at closing. Bring a cashiers check for the down payment and closing costs if required. Personal checks are normally not accepted. You also will need to show your homeowner's insurance policy, and any other requirements such as flood insurance, plus proof of payment.

Your loan will normally close shortly after you have signed the loan documents. On refinance and home equity loan transactions federal law requires that you have 3 days to review the documents before your loan transaction can close. Contact us for more information.