Breaking Down Home Loans
The home loan process can feel overwhelming, even if you’ve experienced it before. Our knowledgeable loan officers will help you along the way by ensuring you’re up to speed throughout the process, from pre-approval to closing.
Before house hunting, it’s best to connect with our team to get pre-approved for a loan amount. Our 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
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!
Application and 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 completing a full mortgage loan application while talking you through the various fees and down payment options.
We will help connect you with the most competitive rates and the most suitable programs while providing exceptional customer service the entire time. To determine the amount 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.
We will then submit the application to processing, where they will review the documents. Our Loan Officer will then order the appraisals and title examination. 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! Your documents are then 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!