The Home Loan Process

Applying for a Loan
If you were not pre-approved prior to finding the home you wish to purchase, your Mortgage Consultant will take your application and review your credit history.  He or she will also discuss your short- and long-term goals and reasons for wanting to become a homeowner. This information is very helpful when evaluating which loan fits your needs best.

For your convenience, you can also take advantage of our online loan application.  Click here to start an application.  If you are already working with one of our Mortgage Consultants, you will have the opportunity to insert their name during the online application process.  If you are not currently working with a Mortgage Consultant, you will have the opportunity to select one.

Choosing the Best Loan
This is the biggest benefit of having a Mortgage Consultant. With so many loan programs to choose from, it can be difficult deciding which loan is best for your individual situation. Your Mortgage Consultant will match your needs with the best loan program.   To see a list of our available loan programs, click here.

Locking Your Loan Rate
If you have a Purchase and Sale Agreement or you are refinancing an existing property, you can lock-in your interest rate.  You have the choice to either lock your loan at a set rate and fee for up to 30, 45, or 60 days, depending on the lock-in period you've selected, or you can let the loan float. It's important you understand that the option to lock or to float your loan is always your choice. We suggest you make your decision on whether to lock or float your loan based upon several criteria:

• You may want to consider whether you feel the interest rates are going up or down.
• You might determine how the available rates and resulting mortgage payments best meet your needs and financial plan and what effect rates either going up or down may have on you.
• You should carefully consider whether or not all the factors necessary to close the loan can be met within the lock-in period you've chosen should you decide to lock your loan.

Processing Your Loan
Once you have completed and signed your loan application, your Mortgage Consultant will be working closely with you each step of the way to get your loan approved and closed as quickly as possible. They will contact you as often as needed to keep you completely informed on the status of your loan. And of course you can contact your Mortgage Consultant at any time with your questions or concerns.

After you have provided the financial information requested by the Mortgage Consultant at the time of application, the loan processor will begin to compile additional information, including:

• An appraisal from an independent appraisal service.
• A preliminary title report from the title insurance company.

Underwriting
In many cases, loan approval can be completed at the time of application, whether you apply online or directly with a Mortgage Consultant.  For certain loan programs, your loan file is sent to our underwriters for review.   Occasionally, our underwriters may request more specific details about the property or your financial information before approving a loan. If this is the case, your Mortgage Consultant will work with you to get the necessary documents.

Preparation for Closing
After your loan package is complete, the file is prepared for closing and is sent to the settlement agent you designated.

Signing
Your settlement agent will call you to set up an appointment to sign the final papers. When you sign the final loan papers, you will be asked to bring a certified check for the closing costs and down payment. After you sign, the closer will prepare the final loan papers so that they can be legally recorded. 

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