The Home Loan Process Tailored to Your Needs
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Tailoring the Loan Process to You
Our team provides tailored solutions, ensuring your loan process is seamless and customized to your individual needs.
Your path to homeownership starts with a pre-qualification.
- Your Loan Officer will collect basic financial information about your income and debts.
- Your Loan Officer will use this information to assess your eligibility for a home purchase, considering different loan programs. Obtaining a pre-qualification for each applicable loan program ensures a comprehensive understanding of your options.
Your application is more than just paperwork; it's the blueprint of your future home. We make this step straightforward and clear.
- You'll complete a mortgage application and provide necessary documentation. This is where your home buying dream starts to take shape.
- We discuss all the details upfront – various fees, down payments, and provide you with key documents like the Loan Estimate (LE) and Closing Disclosure (CD). These documents lay out the rates and costs associated with your loan, ensuring transparency every step of the way.
While you're planning your housewarming, we're meticulously reviewing your application. It's all about ensuring a smooth and secure loan process.
- The processor examines your credit reports and validates their debts and payment histories when the Verification of Deposits (VODs) and Verification of Employments (VOEs) are received.
- If there are any unacceptable late payments, collections for judgments, etc., the borrower is required to provide a written explanation. Additionally, the processor assesses the appraisal and survey, searching for any property issues that may necessitate further review.
Underwriting is a pivotal stage in your journey to homeownership. Here, precision and detail are key.
- Our skilled underwriters meticulously examine your loan package. They verify that every detail adheres to the necessary guidelines and criteria, ensuring your loan is solid and secure.
- At times, we might need a bit more information to complete this puzzle. If so, we have a collection of helpful documents and resources ready for you. These documents not only keep you informed but also assist in streamlining the process.
You're nearly there! Pre-Closing is when we align all the final pieces of your loan puzzle.
- This includes ordering title insurance and ensuring all approval contingencies are met. We're setting the stage for a smooth closing process.
- A closing date is scheduled, marking the exciting countdown to your home ownership.
Welcome to the grand finale of your home loan journey – the Closing. This is where your dream of homeownership becomes a reality.
- During the closing, the final details of your loan are settled, and the ownership of your new home is officially transferred to you. It’s a moment of celebration and achievement.
- We ensure that this step is as smooth and joyful as possible. You’ll be guided through each part of the closing process, from the final paperwork to the moment you hold the keys to your new home.
- Remember, we're here to answer any questions and provide support right up to the final signature. And even after closing, our team remains available for any further assistance or guidance you might need.
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When Should I Get a 15-Year Fixed Loan?
Fifteen-year loans became quite popular in the 90′s. Thanks to historically low rates, borrowers can use a 15-year loan to pay off their home loans quickly without an unbearably high mortgage payment.
The benefits are simple: You could own your house free and clear more quickly and you might save a great deal of interest. For example, a couple in their mid-40s may like this concept knowing that by the time they reach age 60, they own their home and will no longer have mortgage payments. For a young couple in the mid-20s, it may not make as much sense as having a longer term 30-year loan.
The key to deciding is to compare the monthly payments and see how comfortable you are with the higher payments of a 15-year loan. If you want to pay off your loan early but can’t quite handle the payments on a 15-year loan, ask us about our 20-year loans. For those who want to pay off their loan even more quickly, we can offer a 10-year fully amortizing loan.
What are Conforming, High Balance and Jumbo Loan Programs?
Conforming Loans are loans that meet Fannie Mae (FNMA) and or Freddie Mac (FHLMC) underwriting requirements. In other words, income, credit, and property requirements must meet nationally standardized guidelines. There are additional guidelines, pricing and restrictions regarding conforming loans for manufactured housing.
Conforming loans are subject to loan amount limits that are set annually by Fannie Mae and Freddie Mac. These limits vary based on the region in which the subject property is located as well as the number of legal units contained in the subject property. Under the FNMA and FHLMC Charter Acts, the loan limits are 50% higher for first mortgages in Alaska, Hawaii, Guam, and the U.S. Virgin Islands.
When FNMA and FHLMC limits don’t cover the full loan amount, the loan is referred to as a jumbo mortgage. The average interest rates on jumbo mortgages are typically higher than for conforming mortgages.
A high-balance mortgage loan is between a “conforming” and a “jumbo” loan. The loan amounts for a high-balance loan depend on the county you live in. Rates on a high-balance loan are typically higher than conforming but less than jumbo. Jumbo investors may have additional overlays and qualification requirements above FNMA/FHLMC.
When Should I Get a 30-Year Fixed Loan?
The traditional 30-year fixed rate mortgage has a constant interest rate with the monthly payments (principal and interest only) that never change for both conforming and jumbo loan programs. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, adjustable-rate loans are usually more cost effective.
As a rule of thumb, fixed-rate loans may be harder to qualify for than adjustable-rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run because you can lock in the rate for the life of your loan.