Loan Process

The Loan Process is comprised of a many things. Most people today become Pre-qualified because it helps them to negotiate better terms on their home purchase. It also relieves the stress and anxiety sometimes associated with loan approval. This usually helps make the home buying process more pleasant. You can easily prequalify for your mortgage using the on-line pre-qualification feature on this site. Once I receive your information, I will contact you so that we may further discuss your personal situation. Being Pre-qualified is a smart place to start because it lets prospective sellers know you have taken appropriate steps to possibly buy their home. In order to help you make the best decision for you and your family, I may need to go over additional information pertinent to your situation. I will help you to determine, based on loan programs, interest rates, and your specific needs, what type of loan might work best for you. We will also determine the mortgage amount needed to meet your requirements. I will provide you with a "Conditional Loan Approval" (CLA) stating the amount of loan you are qualified for with its terms. This letter will be presented with any offer you might make to purchase a home. During your loan application, I will provide you with a Good Faith Estimate. This document is required by the Federal Government and will provide you with an estimate of your closing costs. These costs include origination fees, discount points, mortgage insurance, title insurance, escrow reserves, hazard insurance and other fees associated with your loan. This estimate will also break down your potential payment based on loan amount, interest rate, projected taxes and insurance. We will use this estimate as our guide throughout the entire mortgage process. Depending on the type of loan we might pursue, you may be asked to provide different types of personal information. Items such as W-2's, tax returns, pay stubs, bank statements, or other personal asset statements, might be needed in order to achieve loan approval. You will be provided with a "needs list" at some point during the process. Please make every effort the get any items needed to my office in a timely manner. Once we obtain full underwriting approval, we will issue the CLA and your approval will be valid for up to 45 days. We may be required to re-access your credit report after a 45 day period. This is to ensure that no new accounts have been opened which may effect your approval. Please be advised that while in the approval process, and throughout the entire purchase period, DO NOT open or apply for any type of consumer credit. This process can be very simple. If you have any questions about anything, I suggest you call my office to make sure we get those questions answered.