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.
Get Pre-Approved
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.
- Income
- Assets & Debts of the Borrower (You)
- Credit Report
- W-2 Forms
- Paystubs
- 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
When your loan goes “live,” our loan officer guides you through the mortgage application process, discussing fees and down payment options. We connect you with competitive rates and suitable programs while providing exceptional service. To determine your affordability, we assess your debt-to-income ratio, including housing costs, auto payments, credit cards, student debt, and other installment debt. We submit your application for processing, where documents are reviewed, appraisals and title examinations are ordered, and then sent to an underwriter for approval.
Closing
Once your loan is approved, don’t forget to set up your homeowner’s insurance! We highly recommend Jordan’s team at Beyond Insurance Group. 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!
Congratulations, homeowner!