LOAN PROCESS

For most people, a home purchase is the largest investment of their lives. A residential mortgage loan is also the largest financial obligation undertaken by most people. So, the process can be stressful! When confronted with page-upon-page of paperwork, the process can be downright unpleasant! We are here to take away that stress, confusion, and unpleasantness.

The residential loan process is quite simple:

1.       You want a residential mortgage loan.

2.       We want to give you a residential mortgage loan.

Before we do that, we just want to make sure that…

1)      You have the means and ability to pay the loan (capacity).

2)      You have a demonstrated history of responsible credit use (credit).

3)       That the property you are financing is sufficient to secure the loan (collateral).

Everything else that occurs in this process is designed to address these 3 Cs (capacity, credit, collateral), and to comply with federal and state law designed to protect you and inform you.

Here is a chart on how most mortgage transactions proceed. If you are purchasing a home, signing the purchase contract and fully completing a mortgage loan application typically kicks-off the mortgage loan process. If you are refinancing your existing property, fully completing the mortgage loan application typically kicks-off the mortgage loan process.