How Should I Start the Loan Process

Chances are you are well aware that now is a great time to purchase your next home, but what steps do you need to take? This blog is going to cover the steps you must take to obtain a loan. You may want to start the process by contacting me for an initial consultation. After listening to your specific goals and needs, I will suggest the program that is appropriate for your situation. At this time I will ask you to fill out the mortgage application. It is recommended, for efficiency sake, that you apply over the telephone or through our safe and secure website. If you prefer, you may apply in person or through the mail. I will be happy to provide you with a good faith estimate based on the programs you are interested in and eligible for.

After you have completed the application I will initiate the conditional approval process. At this time, I may ask you for some personal documentation such as pay stubs, W2’s, tax returns, bank statements or other pertinent information. I will be able to quickly determine what documentation will be necessary based on your application and interview. Normally, we are able to issue a conditional approval within 24 hours, though this varies for individual circumstance. The approval will normally be conditioned upon some tasks that have not occurred yet, like the appraisal or title work being completed.

Now that you have completed these steps your loan will be placed in a conditional approved status. This will enable us to issue a conditional approval letter. This letter is normally drafted when you are ready to make a contract offer on a home after your property search. The letter will contain specific information on the property you have selected. If you are refinancing a property you already own, I will help you take the necessary steps to complete that process.

Once you have a ratified contract to purchase a home or have decided to refinance and given me permission to order your appraisal, we will "lock in" the interest rate on one of the many competitive Intercoastal Mortgage programs you may select. You will sign all verifying application documents in the loan package and return it here. I will complete all matters of due diligence. I will then submit the loan to our in-house underwriters. There, it will be validated and sent to our in-house closing department. The closing department will then interface with your chosen title company to insure that your settlement occurs on time and without any glitches. We excel at making this process as stress free as possible.

When purchasing your next home, you must utilize the best possible resources available to you. We strive to be the best lender to assist you with your next home buying experience. We are professional and, with the exception of the required 3^rd party appraisal, complete all other phases of the mortgage process in-house. Start the process today, and contact me.