Welcome To Home Loans

Loan Process

Buying a home is one of the single biggest ­financial transactions you’ll ever make in a life time. Understanding the loan process will help eliminate the overwhelming stress you may feel while going through the process.

Basic steps of the Loan Process when purchasing a Home:

Pre-Qualification

You must find out how much home you can afford by getting pre-qualified. There are a lot of different mortgage options available that it will help you figure out the program that is right for your personal and unique financial situation.

Application

Your application begins the loan process. You’ll read and sign each loan document and provide your intent to proceed with your mortgage.

Loan Processing

After your application is accepted, a loan processor gathers all the necessary documents into your loan package. The Processor will also review your credit report and verify your debts, payment histories and employment status.

Appraisal

An appraisal is requiring to determine the fair market value of the property you’re purchasing or refinancing. The appraisal is then added to your loan package to be used in underwriting.

Underwriting

The Underwriter will review your application, documentation, financial information, sales contract, appraisal and title to be sure all requirements have been met for the loan program you’re applying for to grant you the final approval.

Closing

Before your closing date, you’ll receive your closing disclosures, which will disclose your cash to close amount. On the day of your closing, you will sign the final documents and your loan will be funded. Your first mortgage payment is typically not due until the second month after your closing date.