Breaking Down Home Loans
The home loan process can feel overwhelming, even if you’ve experience it before. Our knowledgeable loan officers will help you along the way by ensuring that you’re up to speed throughout the whole process, from pre-approval to closing.
Prior to house hunting, it’s best to connect with our team to get pre-approved for a loan amount. Out loan officers will help you identify which loan program is best for your needs. During this stage, our loan officer will gather the following information to determine how much of a loan you can afford by submitting the documentation to the lender.
- Assets & Debts of the Borrower (You)
- Credit Report
- W-2 Forms
- Federal Tax Returns
- Recent Bank Statements
Estimate Your Payment
START THE PROCESS
We’re here to help connect you with the most competitive rates, the most suitable programs and provide exceptional customer service the entire time.
Know Your Mortgage Payment
Based on the home’s sale price, the term of the loan, buyer’s down payment percentage, and the loan’s interest rate, this calculator can help estimate what you’ll need to pay out monthly for your new home. This calculator factors in PMI (Private Mortgage Insurance) for loans with less than a 20% down payment and town property taxes and its effect on the total monthly mortgage payment.
Remember that this calculator is just an estimate and does not measure your actual monthly payments! Contact one of our loan officers today to get pre-approved to see an even more accurate assessment of your monthly payments!
We all make mistakes; let’s make sure your home loan isn’t one of them! Our experts will make sure to find the perfect loan for you and your needs. Our goal is to provide comfort and ease throughout the entire process. We genuinely want you to be happy, even after the loan has closed.
To determine the amount that you can afford in a home, our team will use a debt-to-income ratio to determine the percentage of the pre-tax income you spend on debt. Your debt ratio will include: Monthly housing costs, Automobile payments, Credit cards, Student debt and any other installment debt
It isn’t a good idea to take on new debt before buying a home because it will impact the loan amount that the lender will finance.
Application and Processing
Application & Processing
WHAT HAPPENS WHEN A LOAN GOES “LIVE”
When you find the property that you are ready to buy, our loan officer will assist you in the completion of a full mortgage loan application while talking you through the various fees and down payment options. The application will then be submitted to processing, where the documents will be reviewed, and the appraisals and title examination are ordered. Next, the loan will be sent to an underwriter, who will review and approve the entire loan if it has met compliance.
Once your loan is approved, don’t forget to set up your homeowner’s insurance! We highly recommend Jordan’s team at Beyond Insurance. Your documents will then be sent to the title company, where you will sign for your home and pay any remaining costs. Next, the loan is recorded, and you get the keys to your new home!