Financing
Demystifying Home Loans
Home loans don't need to feel overwhelming
A trusted lender is key to building your real estate team. From pre-approval to closing, your experience can feel seamless with an expert mortgage specialist in your corner. Please review the following steps in the home loan process.
Step One:
Obtain pre-approval
Before you begin seriously looking for your home, meet with a lender to get pre-approved for a loan amount. Offers accompanied by a pre-approval letter will help you compete in today's market.
Your lender will gather information about your income, assets, and debts to help determine how much you can borrow. This includes gathering a credit report, W-2 forms, pay stubs, federal tax returns, and recent bank statements.
There are a variety of home loan programs offering different advantages. Your lender will help you identify the best loan for your needs and circumstances.
Estimate Your Monthly Payment
Estimate your mortgage payment, including the principal and interest, taxes, insurance, HOA, and Private Mortgage Insurance.
Price
Annual Tax
Loan Term (Years)
Down Payment %
Interest Rate %
Monthly HOA
Monthly Insurance
$3,198.20
Estimated Monthly Payment
Principal
$2,398.20
(75.0%)Taxes
$500.00
(15.6%)HOA
$100.00
(3.1%)Insurance
$200.00
(6.3%)Step Two:
Find the best loan
Collaborating with a top-notch local loan officer will ensure you have access to competitive rates and programs to fit your individual needs. Take the first step by completing this form to get connected today!
Step Three:
Application and Processing
Once you find the perfect property and your offer is accepted, your lender will help you complete a full mortgage loan application, discuss down payment options, and explain any related fees.
Next, your application is submitted for document review and processing. Your lender may order a home appraisal and a property title search.
Next, underwriting will review and approve the entire loan package to make sure it meets all compliance regulations.
It is not unusual to receive requests for additional documentation or clarification during this phase of the application process.
Step Four:
Signing
Once your loan is approved, you’ll need to set up homeowners insurance.
Your documents will be sent to the title company and your closing will be scheduled. This is when you sign the paperwork and pay any additional costs to complete the purchase of your new home.
After the loan goes through the required recording process, the purchase is complete, and you officially own your new home!
