An overview of the loan process

An overview of the loan process

Make no mistake, there's a lot involved in getting a mortgage loan. You wouldn't be here on this website if were as easy as filling out an application and having funds provided to you the same day. Thus, we work hard to simplify the process, keep you well informed and do most of the heavy lifting for you. Our processing department is the best in Central Texas and we offer in-house underwriting which is hard to find in today's mortgage market. This provides you the value and professionalism you deserve and should demand for a mortgage company.

Below is a diagram that will demonstrate the basic loan process and provide you woth a better idea of all of the steps involved.

In addition, there are four main steps involved in getting a loan. You'll see that we've made your part in them as easy as possible, and we do all the work! That's what we're here for.

Step one: determine how much you can borrow

This is a function of a couple things. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? The first part you can get a rough idea of by using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.

Step two: pre-approval for your loan

This is where the rubber meets the road and you save the most money. You supply information about your employment, your assets, your residence history, and so on. We get your permission to run your credit score, and we submit your information through our automated underwriting system. When we review all this information we give you a Pre-Approval Letter. Handle it with care -- to a home seller, it's like a suitcase full of cash! Your realty agent will use your Pre-Approval (as they may call it) to make the best offer on the home you choose, and the seller knows you're pre-approved. It gives you buying clout! And while you're picking out the home that's right for you, we're busy financing the loan that's right for you.

Step three: provide your supporting documentation

Once you've made an offer and it's been accepted, it's time to complete the loan file and get prepared to submit your loan for final underwriting approval. This part of the transaction can often take a bit of time, but with our well experienced staff we will complete this step quickly and smoothly. Our strength lies in our ability to close your loan in as little as 4 days if necessary.

Step four: your loan is funded

Your realty agent and the seller's will work together to designate an escrow/title company to handle the funding of your loan once it's approved. We'll coordinate with the escrow company to make sure all the papers your lender will need are in order, and you'll sign everything at the escrow/title company's office.

You've answered a few questions, given us some detailed information, applied online, and next thing you know, you're moving in! We're in the business of mortgage loans -- so we do most of the work. Doesn't that make sense?

THIS INFORMATION IS PROVIDED TO ASSIST REAL ESTATE PROFESSIONALS AND IS NOT INTENDED AS AN ADVERTISEMENT TO EXTEND CONSUMER CREDIT AS DEFINED BY SEC. 226.2 OF REGULATION Z. PLEASE NOTE THAT RATES & POINTS MAY VARY BASED ON LOAN AMOUNTS, LENGTH OF RATE LOCKS, CREDIT WORTHINESS AND ARE SUBJECT TO CHANGE WITHOUT NOTICE.

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