The Loan Process

 

» 1) Get your documents & finances in order.

» 2) Get pre-approved to determine how much you can borrow.

» 3) Work with your lender to find you the best mortgage solution for you.

» 4) Close your loan and settle.

FAQ

Glossary

1) Get your documents & finances in order.

Understand your credit report. Your credit report will be used by your prospective lender as a measure of how you manage your finances. Good credit gets you better rates and a stronger negotiating position for terms. Most people are surprised at their report’s contents because errors in reporting are common. Now is the time to clean them up.

Also provide the following:

2) Get pre-approved to determine how much you can borrow.

A pre-approval verifies your income, credit and debts. This is very useful when making an offer on a property. Sellers will consider a pre-approved offer more seriously over one that is of unknown backing.

3) Work with your lender to find the best mortgage solution for you.

Your lender will help you find the mortgage solution that fits you best. There are a lot of factors to be considered and questions you need to ask yourself. For example: How long do you plan to keep the loan? Would a fixed or adjustable rate mortgage be best for you? How many points should you pay? What other costs are involved? When should you lock in your rate? Based on your needs and situation, your lender will show you which mortgage product works best for you.

We will review your loan application and supporting material with you to make sure that your loan package is correct and is as strong as possible. We will guide you along this process and keep you informed every step of the way.

4) Close your loan and settle.

As your closing date nears, your mortgage lender and real estate agent should check its progress on a daily basis, because staying on top of things means you’ll know immediately if there’s a problem that must be dealt with.

For your closing you should bring all of your documentation that you’ve used during the whole mortgage process. At closing, everyone involved in your transaction will be present (buyer, seller, and closing agents). You will sign the necessary legal documents, pay your closing costs and escrow items and receive your closing documents.

Now you receive your key, move in and celebrate!

FAQ

Glossary