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Mortgage Loans
Do you require financing to make your dream home a
reality? If so, the
process of applying for a mortgage loan begins with four basic steps.
They
are Interviewing & Qualifying; Processing; Underwriting; and Closing.
1) Interviewing & Qualifying—Your loan needs are determined and one of
the
many loan programs available is recommended to best suit your purpose.
Once your mortgage program is determined you may apply online or obtain
a
mortgage application packet at one of our locations. You will be
required
to provide documents such as bank statements, W2s, pay stubs, etc. Once
your application has been submitted or your mortgage application packet
has
been returned, the credit report is ordered and you are preapproved
through
Fannie Mae or Freddie Mac. At this point, you will receive a Good Faith
Estimate and other preliminaries to show an estimated payment and
closing
costs.
2) Loan Processing—Your loan file is reviewed to make sure all
information
is accurate and complete by ordering an appraisal and verifications of
employment, deposit, etc. When the file is complete, it is sent to
Underwriting.
3) Underwriting—The Underwriting process determines whether or not your
loan
will be approved.
The loan file is analyzed for four important factors:
• Character—determined by credit report
• Capacity—the financial resources available and ability to make house
payments
• Capital–liquid assets for down payment and closing costs.
• Collateral—the estimate of property value and physical condition
4) Closing—The final step of obtaining a mortgage. Closing documents are
prepared for the final transaction, signatures, and recording. You are
now
obligated to repay the loan.
Click here to enter our Mortgage Loan Center and apply online for your
mortgage loan today.
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