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 An overview of the loan process
Make no mistake about it, there's a lot involved in getting a mortgage loan completed. You wouldn't be here on this website if you could fill out an application and get the best loan for you closed and funded all in the same day.
There are four main steps involved in getting a loan. You'll see that Matt has made your part as easy as possible, and he will do almost all of the work for you! That's what he is here for.
| Step one: Determine how much you can borrow |
This consists 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? Matt will help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, he'll give you a good idea of what kind of terms and loan programs you can expect to benefit the 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 money. You supply information about your employment, your assets, your residence history, and so on. Matt will get your permission to run your credit score. When he reviews all this information he will give you a Pre-Qualification Letter. Handle it with care -- to a home seller, it's like a suitcase full of cash! Your real estate 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 for the loan. This gives you buying clout! And while you're picking out the home that's right for you, Matt will be busy at the office finding the loan that fits your needs best.
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| Step three: Apply now! We make it easy |
Once you've made an offer and it's been accepted, it's time to complete your loan application. It couldn't be easier, and you can even do it online, right here on this website. When the time is right, Matt will order an appraisal for you on your new home.
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| Step four: Close your loan |
Your real estate agent and the seller's agent will work together to designate an escrow/title company to handle the closing/funding of your loan once it has been "cleared to close." Matt will coordinate with the escrow/title company to make sure all the paperwork is in order, and you'll sign all final documentation at the escrow/title company's office or at a designated closing location.
| After you've answered a few questions, given some detailed information, applied online or in person, the next thing you know, you're moving in! Matt's thought on the whole loan process is "I'm in the business of mortgage loans -- so I should be doing most of the work, not the customer." Now doesn't that make sense?
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