The Loan Process


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Our Mortgage Loan Process...

The Loan Process Explained

Pre-Qualification

Pre-qualification occurs before the loan process actually begins, and is usually the first step after initial contact is made. In a pre-qualification, the lender gathers information about the income and debts of the borrower and makes a financial determination about how much house the borrower may be able to afford. Different loan programs may lead to different values, depending on whether you are qualified for them, so be sure to get a pre-qualification for each type of program you are suited for.

Application

The application is actually the beginning of the loan process and usually occurs between days one and five of the loan. The mortgage applicant referred to as a "borrower", completes a mortgage application with the loan officer and supplies all of the required documentation for processing. Various fees and down payments are discussed at this time and the borrower will receive a Good Faith Estimate (GFE) and a Truth-In-Lending statement (TIL) within three days which itemizes the rates and associated costs for obtaining the loan.

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