Most real estate professionals and mortgage lenders recommend pre-qualifying for a loan before selecting a home to purchase. This process will help you:

• Determine the price range you can afford.
• Understand the types of loans you qualify for. Some of the types of loans that are available are:
  • Fixed Rate Mortgages
  • Adjustable Rate Mortgages
  • Conventional
  • FHA
• Determine what your down payment and monthly payment will be. Your monthly payment will be affected by how large a down payment you make.
• Estimate the closing costs and if you will need PMI (Private Mortgage Insurance)

The Loan Process

Your Sales Associate will help you to select a mortgage lender. Once you have made your decision, these are the steps of the process:

Application - All pertinent documentation is obtained. Fees and down payments are discussed, and the borrower will receive a Good Faith Estimate (GFE) and a Truth-in-lending statement (TIL), itemizing the rates and associated costs for the load.You will be asked to provide certain documents to your lender in order that your loan can be processed in a timely manner.

Loan Submission - Once all the necessary documentation is in, your completed file is submitted to a lender for approval.Loan Approval (Underwriting) - Loan approval, or underwriting, generally takes 24 to 72 hours. All parties are notified of the approval and any loan conditions that must be received before the loan can close.Closing - Once all parties have signed the loan documents, they are returned to the lender. If all the forms have been properly executed, the lender sends the loan funds by wire transfer. At this point, the borrower finishes the loan process and actually purchases the home.