The Process

The loan process can be broken down into 6 simple steps:

If you cannot or do not wish to provide any of the following, please contact us. We can help you find alternate loans.

1)  Organize Your Documents
For purchasing or refinancing your home, rental or commercial property:
Note: If you cannot or do not wish to provide any of the following, please contact us. We can help you find alternate loans.

Back to top

2)  Get Pre-Qualified or Pre-Approved
Getting pre-qualified before you apply for a loan can help you understand how much you can borrow.  When buying a house, you may get pre-qualified or pre-approved .  You can get pre-qualified over the phone or  the Internet in a few minutes.  A pre-qualification is not as beneficial as a pre-approval, where you go through  the actual underwriting process with a lender  including verification of your credit, income, assets and liabilities.   Once the required documentation is provided an approval can be given within 48-72 hours.  It is highly recommended that you get pre-approved before you start looking for a house. This will help you by:

• Finding out the maximum  amount of loan you can get for your new house .  This way you  spend time looking for properties  for which you  are qualif ied to purchase.
• Putting you in a stronger position when you are negotiating with the seller, because the seller knows that your loan is already approved and the loan process is mostly complete.
• Allowing you to close quickly since your loan is already approved.

Back to top

3)  Compare Loan Programs & Rates 
At the time you apply for a loan, we'll discuss with you available mortgage programs & pricing that will best serve you and help you to meet your desired goals .  To make a more informed decision regarding which program is more beneficial to you, the following things should be considered :

• Think about how long you plan to keep the loan: If you plan to sell the house or refinance in a few years, you may want to consider an adjustable or balloon loan. On the other hand, if you plan to keep the house for a longer time you may want to look at fixed loans.  You need to pick the loan program that best fits your lifestyle & future plans. 
• Understand the relationship between rates and points: Points (a point equals 1% of the loan amount) are considered to be prepaid interest and are tax deductible. The more points you pay, the lower the rate you will get.  Points are a way to reduce the cost of the loan over the life of the loan.
• Keep an open mind regarding pricing options: Remember this phrase: The Total Cost of the Loan is What Matters Most .  To view a Total Cost Analysis report, which compares several rate/cost options,     Click Here   (requires Adobe Reader ).    

Back to top

4)  Apply for a loan
Once you've gathered all your documents & have spoken with us regarding loan program & pricing options, it's time to apply for the loan.  At the time of application, we will present you with a completed loan application & preliminary loan disclosure documentation for your signature, as required by Federal Law  the Department of Real Estate regulations .  You've made no permanent commitment here, you've just agreed to investigate whether you can qualify for your chosen program.  

Back to top

5)  Obtain Loan Approval
Once your loan application & preliminary loan documents have been signed, we will start the loan approval process immediately. This involves verifying your credit history, employment history, assets (including your bank & investment accounts), and the value of the  property you want to purchase or refinance .  Based on your specific situation, additional documents or verifications may be required. To improve your chances of getting a loan approval, be sure you:

• Respond promptly to any requests for additional documents . This is especially critical if your rate is locked or if you plan to close by a certain date.
• Continue to make on-time payments on all credit accounts , even if you plan to pay off credit accounts in a refinance.
• Avoid making credit account purchases . Any credit debt increases may prevent you from being approved.
• Do not move money into your bank accounts unless it can be  tracked as to where the funds came from . 
• Plan to be in town around the closing date , as you will need to be available for signing documents in escrow. 
• Do not quit your job or change employers until after the transaction is completed.  It will cause the loan process to stop or be delayed. If a change is anticipated, let us know immediately and we can take steps to prevent this from causing any delays.

Back to top

6)  Close The Loan
After your loan is fully approved  and all loan conditions have been met, you will need to sign the final loan documents. This is typically done at an escrow or title company.   For your convenience, a mobile Notary can come to your home or place of business most anytime of the day or night if you can or do not wish to come to the title company.  Be prepared to:

• Bring a cashiers check for your down payment & closing costs (if a purchase). Personal checks are  usually allowed if the amount is under $500, otherwise a cashier's check is recommended
• Review the final loan documents. Make sure that the interest rate and loan terms are what you thought the y were, and that the name and address on the loan documents are accurate.
  Note: In most cases, a copy of the final loan documents can be provided to you for your review 24 hours prior to your signing in case you wish to review them ahead of time.  You will also be given a copy of the papers you are signing at the time you sign the final documents, as well.

Your loan will normally close shortly after you have signed the final  loan documents. On  an owner occupied refinance & home equity loan transactions,  F ederal  L aw and Department of Real Estate regulations require that you have 3  business days to review the documents before your loan transaction can close. It is on the 4th business day that the loan will "fund" (money is transferred from the lender to the title company) and the transaction is recorded at the county recorder's office the following business day.  Once the transaction is recorded, the funds are transferred from the title company to all parties involved in the transaction and the transaction is officially closed.

Back to top