We highly suggest that at the beginning of your house hunting process you get pre-qualified. The process is quick and simple: just bring in some form of income verification (w-2’s if employed, two years’ federal tax returns if self-employed), sign one application form and you’ll receive a pre-qualification letter within one business day.
This process allows you and your real estate agent to focus on properties that you’ll be able to afford and will save you valuable time and effort when seeking your mortgage.
Decide on Terms and Rates
After you’ve chosen a home, had your offer accepted and settled your Purchase and Sales agreement, the next step is to determine which type of loan would be the most appropriate for you. Please come in and speak with one of our mortgage loan professionals to see which program best suits your needs. We offer a variety of products for every type of purchase and income level.
Loan Application Process
In addition to the income verification that you provided for pre-qualification, at this point there are several other documents which will require your signature that allow us to verify other aspects of your application. You will be notified in advance what documents you will need to bring to your appointment.
An appraisal on the subject property will be ordered, and within a week or two your loan application’s approval will be decided. Approval is based on several factors, among them your income, your credit rating, your available assets, and the property’s value.
Upon receiving your acceptance of the bank’s commitment, the bank’s attorney will contact you to set up the closing.
Closing your Loan
The closing attorney will contact you to set up a time and place for the closing and will advise you of what you will need to bring. At the closing, you will be signing all the documents that are required by the bank and the government to secure your loan and ownership.
At each step, the closing attorney will describe what you are signing and why, and is available to answer any questions that you may have. The closing attorney is there to represent the bank’s interests, but you are welcome to have your own attorney attend the closing as well.
If the closing is for a re-finance or a Second Mortgage Loan or Home Equity Line of Credit, there is a three-day period that must pass before the loan is finalized and funded. During this rescission period you will have the chance to reconsider your decision and you may, if you so decide, cancel the process at no cost to you.
Equal Housing Lender