This question is probably the most important and difficult to answer during the entire lending process.
Once you have answered these questions it is time to speak with a mortgage broker.
Together, you can decide on your best loan options.
The Pre-Approval process will give you a summary of the type of loan you can expect to receive from a lender. Your information will be sent through an automated system, but this does not guarantee an approval on your home loan. The information also has to be verified by an underwriter at the lender's office. This process also allows you to make a solid offer on a home and, in today's market, will usually be required by the seller before they will accept an offer.
To begin our pre-approval process go to our Apply Now page to begin the application process.
Back to TopThe application process is where you begin to finalize your loan information, for submission to a lender. You have already decided on what type of house you are looking for and should be pre-approved thru your broker. Now you are ready to begin working with your broker to gather all the required information that your lender will need to underwrite your loan.
If you need a list of the required documents please Click here.
Back to TopDuring this process, an underwriter at the lenders office will review your loan to determine if
you can qualify for the type of loan you have requested.
The three main items the underwriter reviews are:
Collateral (The property's value versus the loan amount you are applying for)
Capacity (Your monthly debt to income ratio, to determine if you will be able to pay the loan back as agreed)
Credit (Your past credit history is reviewed to make sure that you have a history of paying your current obligations on time.)
During Processing, your mortgage broker works with the lender to gather any documents the underwriter requires, clearing any conditions that the underwriter has placed on your file. Conditions can range from copies of bank statements to title work. During this process you will also receive your commitment letter. This letter is the formal loan approval from the lender that indicates the terms and conditions of the loan.
Back to TopThe closing process is the last step in owning your own home. This process generally takes place as your loan is being approved. To avoid confusion, plan ahead and work with your broker.
Set the closing date
Select a closing agent (this is usually handled by the seller)
Secure title services
Obtain Homeowner's Insurance
Obtain a certificate of Occupancy (required on new construction only)
Meet all Underwriting conditions
Final Walk-Through inspection of the home (new construction only)