The Home Loan Process
Applying for a Loan
This is when I take your application and discuss your short and long-term goals, as well as the reasons for wanting to become a homeowner. I’ll also review with you your credit history, which can be very helpful when evaluating which loan fits your needs best.
With so many loan programs to choose from, I understand that it can be difficult deciding which loan is best for your individual situation. During your application process, I will walk you through each loan option to find the one that best suits your personal funding needs and to answer any additional questions you might have.
Locking Your Loan Rate
If you have a Purchase and Sale Agreement, you can lock-in your interest rate. In most instances, 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. I will help you with this decision, but ultimately the choice is yours.
Processing Your Loan
Once you have completed and signed your loan application, I will work with you each step of the way to get your loan approved and closed in a timely manner. After you have provided the necessary financial information, I will arrange for an independent appraisal and preliminary title report.
In many cases, loan approval can be completed at the time of application. However, certain loan programs require that your loan file be sent to an underwriter for review. Your underwriter may request more specific details about the property or your financial information before approving your loan.
After your loan package is complete, the file is prepared for closing and sent to your closing agent.
Your closing agent will call you to set up an appointment to sign the final papers. At that time, 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.