The Loan Process

Overview

How does the loan process work?

Here's what to expect, step by step.

Step - 1	Step - 2	Step - 3	Step - 4
Get Ready Do your research Gather your documents	Apply Prequalification Preapproval Loan Application	Get Approved Initial review Underwriting Approval decision	Close Your Loan Settlement costs & payments Sign your papers

1. Get Ready

Get Ready

Do your homework

Learn about the different types of mortgage programs and get the latest interest rates. Prepare yourself before going any further in your loan process:

Understand your credit
Learn about loan programs for buying or refinancing your home
Check and compare rates
Use our mortgage calculators

Gather your documents

When you apply for a loan you will be asked to provide documents about your finances and the home you wish to buy or refinance.

You may need to provide:

Income documents such as paystubs, W2, tax returns, etc.
Bank account statements
Purchase agreement (if you are buying a home)

2. Apply

Apply

No matter if you need to get prequalified, preapproved, or apply for a loan, we'll be here for you.

Simply fill out and submit the form and an experienced Loan Specialist will call you back to get more details and help you find the right loan to meet your needs.

Or if you'd prefer, you can call us now at 1-877-941-4622 (see hours of operation). Either way, an experienced Loan Specialist will guide you during the process of getting your new home loan or refinancing.

	REFINANCING	HOMEBUYING
	LOAN APPLICATION	PREQUALIFICATION	PREAPPROVAL	LOAN APPLICATION
What it is	Loan application to refinance your home loan	General estimate of home loan amount and monthly payments that helps homebuyers set their buying budget	Preapproval for a loan amount and program that allows homebuyers to: Shop for a home with confidence Negotiate better with the seller Speed up the process of getting a home loan	Loan application to get a home loan
Information Collected	Information often reviewed: Income Assets Debts Credit report Address of property	Information often reviewed: Income Assets Debts Potential down payment Social Security number (to run a credit check)	Part of the information often reviewed: Income Assets Debts Potential down payment Social Security number (to run a credit check)	Information often reviewed: Income Assets Debts Estimated down payment Estimated purchase price Credit report Address of property Homeowners insurance Purchase agreement (for homebuyers)
What you get	Answers to any outstanding questions Monthly payments information Rate lock Good Faith Estimate Truth in Lending Disclosure	Letter estimating how much you may be able to borrow	Official letter that states that as long as you meet certain conditions, you will be approved for a specific loan amount and program	Answers to any outstanding questions Monthly payments information Rate lock Good Faith Estimate Truth in Lending Disclosure

3. Get Approved

Get Approved

Initial review

During the initial review, you will be assigned a Loan processor who will work on your loan all the way through to closing. Your Loan Processor will organize the paperwork and help make sure all the documentation is complete to prepare your application before the final review.

Underwriting

After we have gathered all your documentation, underwriters review your loan package to make sure it fits the guidelines required for your loan program. They evaluate the loan application and make the credit decision. In some cases they need more information to make their decision. We will contact you and help you with the additional materials if requested.

Approval decision

Once your loan is approved, a closing date can be set. Prior to the closing, the HUD-1, your final settlement statement, is delivered to you for your review. The HUD-1 outlines all the costs of your loan so be sure to look it over and contact your Loan Specialist if you have any questions.

Close Your Plan

Close Your Plan

Settlement costs and payments

Typically at closing, you will review and settle any credits and costs such as the closing costs, earnest money deposits, taxes, escrow and insurance if applicable.

If any costs were higher or lower than expected, it will be reflected on your HUD-1 statement. Before going to closing, be sure to double check and get costs clarified by your Loan Specialist.

Review and sign your papers

At the closing, you spend the majority of your time reviewing the closing documents with the details and terms of your loan - and signing your name. Ask your Loan Specialist or Closing Agent if you have any questions about what you are signing to ensure you are comfortable with and understand the aspects of the transaction.

A few of the documents you review at closing:

HUD-1 Settlement Statement
Updated Truth-In-Lending Disclosure (TIL)
Mortgage/Deed of Trust
Promissory Note

Refinancing? You may be able to close from your home or office. Ask your Loan Specialist if electronic signing is available in your area.

You're done!

You've closed your loan. If you're buying, it's time to move into your new home. Refinancing? Welcome home (again).

Email:
Subject:
Message: