STEP 1 - Contact A Strategic Mortgage Loan Officer
The process begins when you contact one of our loan officers. Our outstanding team of highly qualified loan officers have the knowledge and expertise to fulfill your lending needs.
STEP 2 - Pre-Approval
Pre-Approval gives you a head start in home loan process by giving you the opportunity to determine your maximum purchasing power and monthly mortgage payment amount. Click here for more benefits of getting Pre-Approved for a loan.
STEP 3 - Home Selection
Working with a realtor can help you find that perfect home within your buying power. Most realtor's are associated with a multiple listing service and have access to all available homes for sale. They have extensive training in negotiations and contract preparation and have that 'local' knowledge necessary to advise you on value, services, inspections etc. that will provide you with invaluable peace of mind in selecting your new home.
STEP 4 - Formal Loan Application
Our loan officers will assist you in completing the loan application and obtain the required supporting information necessary to process your request. Download a loan application here.
STEP 5 - Credit History
We will document your credit history by ordering a credit report. The credit reporting agency will check your credit history, current balances and payment amounts and provide a detailed payment history.
STEP 6 - Income/Employment History/Funds Verification
We will document your employment and income for a two year period of time, along with your funds available for down payment and closing costs. Written and/or verbal verifications may be required. Click here for a list of documents to needed with your loan application.
STEP 7 - Appraisal
An appraisal will be ordered on your property to be completed by an independent fee appraiser. This will document the condition and market value of the home. Typically, the appraiser will request any additional inspections i.e., pest, roof, septic inspections.
STEP 8 - Title Insurance
Title Insurance verifies that the property has no liens, defects or encumbrances on the property.
STEP 9 - Formal Loan Approval
After we receive the above information we review and package all of the documentation and send the file to our underwriting department. An underwriter will review the file and approve, decline or hold the file for further information. Our goal is to have all the necessary information in the file so you are not bothered by having to obtain additional information at this late date.
STEP 10 - Closing/Escrow
After your loan is approved, the loan documents are prepared and delivered to Escrow. Escrow is the independent third party who collects the moneys, pays off any liens and transfers title from the seller to the buyer. After the documents are signed by the buyer and seller, they are returned to the Lender for final review. This review is typically one-two days after you sign the documents. Our funding department authorizes the Escrow agent to record the loan documents at the county, which is the official day that ownership transfers.
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