The Financing Process
Demystifying Home Loans
The home loan process can feel overwhelming
By collaborating with a trusted lender and remaining informed through every step of the process, from pre-approval to closing, you can have a significantly more comfortable experience. You’ll want to consult with a mortgage specialist (or two) to find a professional who you are confident will provide you with the best care. To get an idea of what to expect, review the following home loan process steps.
Renown Mortgage
Solomon Roberts
Loan Officer, Mortgage Advisor
NMLS# 2571452
About Me
Hi, my name is Solomon Roberts. I'm a Loan Officer and business owner. I'm a family man and I serve people and families by offering personalized mortgage solutions, fast customized quotes, great rates, & service with integrity.
Mortgage One
Chris Lamm
Branch Manager
NMLS# 209221
About Me
With over 20 years of experience and training as a mortgage lender, I pride myself on being able to find customized mortgage strategies for everyone from first time buyers, seasoned investors to luxury home buyers.
I have been in the top 1% of loan officers in the US for multiple years and am a business coach for mortgage lenders around the country teaching them to create a referral based business, have great processes and systems, retain customers, and create financial stability so that they can show others the path to accumulating wealth.
Summit Funding, Inc.
Leah Roadrunner
Loan Officer
NMLS# 1723472
About Me
Purchasing a home should be exciting and joyful, not scary and confusing. That's where the team comes in. Call us dream makers, call us loan officers, call us when you're in a panic, we're here to help fulfill your dream of homeownership and keep you smiling the whole way.
Step One:
Get pre-approval
Before you start looking for a home to buy, it’s wise and proactive to meet with a lender to get pre-approved for a loan amount. Offers accompanied by a pre-approval letter are stronger and will stand out, especially when the seller is receiving multiple offers.
To gain pre-approval, your preferred lender will gather information about income, assets, and debts to help determine how much you can borrow. This includes gathering a credit report, W-2 forms, pay stubs, federal tax returns, and recent bank statements.
There are a variety of home loan programs offering different advantages depending on your unique needs and preferences. Your preferred lender can go over the specifics of each to ensure you find a loan option that best aligns with your needs.
ESTIMATE YOUR MONTHLY PAYMENT
Estimate your mortgage payment, including the principal and interest, taxes, insurance, HOA, and Private Mortgage Insurance.
Price
Annual Tax
Loan Term (Years)
Down Payment %
Interest Rate %
Monthly HOA
Monthly Insurance
$3,198.20
Estimated Monthly Payment
Principal
$2,398.20
(75.0%)Taxes
$500.00
(15.6%)HOA
$100.00
(3.1%)Insurance
$200.00
(6.3%)Step Two:
Find the best loan
Collaborating with a top-notch local loan officer will ensure you have access to competitive rates and programs that best fit your individual needs. Take the first step by completing this form to get connected today!
Step Three:
Application and Processing
When you find the perfect property and your offer is accepted, your lender will help you complete a full mortgage loan application, discuss down payment options, and explain any related fees.
Then, your application is submitted for processing where the documents are reviewed. Your lender will also order a home appraisal and a property title search.
The next part of the application process involves sending everything to an underwriter who will review and approve the entire loan package to make sure it meets all compliance regulations.
It is not unusual to receive requests for additional documentation or clarification during this phase of the application process.
Step Four:
Signing and Finalizing the deal
Once your loan is approved, you’ll need to set up homeowners insurance.
Your documents will be sent to the title company and the closing will be scheduled for you to sign the necessary paperwork and pay any additional costs to complete the purchase of your new home.
After the loan goes through the required recording process, the purchase is complete, and you officially own your new home!
