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 An overview of the loan process
Make no mistake, there's a lot involved in getting a mortgage loan. You wouldn't be here on our website if you could fill out a one-page application and get the best loan for you funded the same day. What we do is do most of the heavy lifting for you, so you can concentrate on what's important -- preparing to move into your new home, saving money, or making plans for your home equity check.
There are four main steps involved in getting a purchase money loan. FOR a REFINANCE, you skip to step 3 and disregard mention of the offer since you already own you home. You'll see that we've made your part in them as easy as possible, and we do all the work! That's what we're here for.
| Step one: determine how much you can borrow |
This is a function of a couple things. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? The first part you can get a rough idea of by using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
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| Step two: pre-qualify for your loan |
This is where the rubber meets the road and you save the most money. You supply information about your employment, your assets, your residence history, and so on. We get your permission to run your credit score. When we review all this information we give you a Pre-Qualification Letter. Handle it with care -- to a home seller, it's like a suitcase full of cash! Your realty agent will use your Pre-Qual (as they may call it) to make the best offer on the home you choose, and the seller knows you're pre-qualified. It gives you buying clout! And while you're picking out the home that's right for you, we're busy finding the loan that's right for you.
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| Step three: apply now! We make process the loan right up to the closing date |
Once you've made an offer and it's been accepted, it's time to complete the loan application. It couldn't be easier, and you can do it online, right here at our website or via the phone or in our office if you prefer. We then generate the loan package forms for you to sign and provide a checklist of the documentation we will require to process your loan. From this point to the scheduled closing date, we gather all the information from you, paytsubs, bank statments etc., and we order the appraisal and Title work and hen submit a complete package to our selected Wholesale Lender. Once final approval is obtained, we send the closing package to the Title Company in time for your scheduled closing date.
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| Step four: your loan closes and funds |
You got to the Title Company and close your loan which usually funds the same day in Texas ! Easy enought !
| You've answered a few questions, given us some detailed information, applied online, and next thing you know, you're moving in! We're in the business of mortgage loans, you're not -- so we do most of the work. Doesn't that make sense?
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