The Loan Process 

 
Step 1 - Application
Your approval begins with a completed loan application.  Fill the application out as completely as possible. You may check the Application Check List in order to prepare for the on-line application.

Step 2 -Loan Analysis
Your application is reviewed by a Loan Planner and you will be contacted to confirm the information sent.

Step 3 - Loan Documents
Our Loan Planner will present the best loan alternatives to you, and you can decide which option/s are best for your situation.

After you have decided which loan is best we will prepare the loan disclosures for your review and signature. We will also collect the required loan documentation for your property, income, assets, etc. 
A list of common documents
are W2, paystubs, most recent mortgage statement, asset documentation, 3 months bank statements, child support.

 Step 4 -Preliminary Approval
Your application will be sent directly to an underwriter for review. In most cases your loan will receive a pre-approval in 48 hrs or less.

Step 5 - Loan Processing
Your loan application will now be assigned to a loan processor. The primary function of the loan processor is to build your loan file by documenting your income, assets, employment history and debts. They will also arrange to have your property appraised and a preliminary title commitment issued. It typically takes a week or more to have the appraisal completed, and have the title company issue the title commitment.

Step 6 - Loan Underwriting
Once the processor has completed Step 5, your file will be returned to the underwriter for final approval. You will receive a commitment.

Step 7 - Document Preparation
Loan documents are now prepared including the note, deed of trust and supporting disclosures.

Step 8 - Loan Funding
We will arrange to have the funds deposited to the designated escrow company on your behalf. Congratulations! Your loan is closed!

The Application Process

All lenders require an actual application. The form is standardized and known as the "1003" which is the Fannie Mae designation for this form.

The lender will want to verify certain information about the borrower(s) and will require additional information on the property.

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PreApproval

What does it take to get pre-approved? Not as much as you might think! We can provide you with your credit rating, approximate amount you qualify for, and list of items needed to finish the approval. Fax a few basic items: most recent pay stubs, last two years W2;s. and 2 recent bank statements. We can provide most clients with a pre-approval letter within 15 minutes.

Just as every person is unique, so are their home financing desires. We will always present you with options, so that you can make an informed decision on what is best for you.

To receive a FREE Credit Report and consultation, please complete the form -

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Items Needed
For Loan 
Application

. Copy of sales contract
. Residence last 2 years
. 2 year employment history
. Last 2 years W2's
. Pay stubs for last 30 days
. Any additional source of income
. Divorce decree (if applicable)
. Drivers License
. Social Security Card
. 3 months bank statements
. List of Creditors

. Info on cash assets



Loan Application
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Based on our thorough knowledge of multiple loan programs, and an understanding of what lenders look for, my team and I have a stream-lined process that will get you fully prepared for the lenders review.  

What does a lender looking for when they review a loan application?

The lender wants to know about your personal financial picture, including savings and credit history and employment stability. The co-borrower's history is also taken into consideration. The lender will also consider the loan amount and appraised value of the home you desire to purchase.

Not every applicant is approved the first time through the process. If the underwriter has any questions or concerns, he or she will require certain conditions be met before they approve the loan. Pre-approval prior to house hunting lets you know exactly how much you are qualified to borrow in advance.

What can I do on my end to make it easier?

Before taking out a home loan, it helps to establish a consistent record of paying bills on time.

If you have utility bills that are overdue, bring these up to date. Make sure you are paying credit card installments in a consistent and timely manner. Aim to have enough savings to cover your down payment, closing costs, and two month’s income for emergencies.

My team can help you evaluate your debt-to-income ratio and determine a monthly mortgage payment that is comfortable and affordable for you.

If I started a new job six months ago, can I still apply for a loan?

A stable employment history is important, but lenders will take human factors into consideration. If you've recently completed college or vocational training, or were released from the military, you have good cause to have a lack of consistent work history. If your profession is seasonal, and gaps in employment are the norm in your field, there are loan programs that will accommodate your situation. If you are a freelancer or do contract work, the lender will look for consistency in income over the last two years.

Consistency is the key word in the lender's mind, but know that lenders have developed many different loan structures to meet the needs of the general public.

My team remain on top of current mortgage trends and monitor rates on a daily basis. In addition, we have a support network of Realtors®, CPAs, Financial Planners and Credit Repair Consultants to lend you additional assistance.

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