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Overview of the Loan Process
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You have decided on the house to buy, now what? The following explanation will tell you what to expect from loan application to loan closing. You will meet with a representative of the mortgage company or bank to complete an application. Starting with the information from the loan application, the loan processor puts together a picture showing your ability to qualify for the loan. This picture includes a credit report, verifications of employment and deposit and a property appraisal. Loan processing is usually the most time-consuming part of getting a home loan taking form one to three weeks. There are also reduced documentation programs available for qualified applicants. Loan Submission And Approval
Once the loan processor has put the picture together, your loan package is submitted to an underwriter. The underwriter's job is to review your file to be sure it meets criteria for granting the loan. If everything is in order, the underwriter will issue a loan approval. Occasionally, the underwriter will require additional information from you before or at closing. Underwriting usually is a twenty-four to seventy-two hour process. After the mortgage company has received the loan approval, you and the seller can decide on when you would like to close or to finalize the sale. The mortgage company or bank will probably need at least twenty-four to forty-eight hours notice in order to prepare the closing documents. At closing, the seller will convey the property to you, and you will sign final documentation at the title company. |
What's The Differences between FHA and Conventional Loans? With FHA...- The Buyer needs 3.5% down payment (100% of that can be Gift)
- Seller can pay up to 6% in Closing Cost and Prepaids.
- Buyer can get a co-signer to help qualify for loan (more then one co signer is allowed)
- Min credit score at this time is 620 (some FHA lenders are changing to 640 and 660)
- FHA will do a loan 2 years after Foreclosure
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How Much Can You Afford?
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Our calculators will help you determine loan amounts, mortgage qualification, affordability or whether you should be renting or buying.
Complete the fields below and click Calculate Now. To view the results of each calculation, click on the various tabs. To email yourself a copy of the results, click the Receive this Detailed Analysis link. |
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Results
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Receive this Detailed Analysis
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Your Monthly Payments
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| Note: Cost of House = [(Monthly income x Debt Ratio) – monthly tax – monthly insurance – condo fee] / (monthly interest rate/ function of interest rate) |
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In-House Mortgage Partner
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VERY HELPFUL FINANCE AND MORTGAGE INFO YOU NEED
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Stop the "Big 3" from selling your name and info!
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STOPBEFORE YOU APPLY FOR A MORTGAGE READ THIS...Under the Fair Credit Reporting Act (FCRA), you have the right to opt out from offers and prevent the credit reporting companies from selling or providing your credit and contact information to third party solicitors. To do so, just go to OptOutPreScreen and complete a simple form. By doing so, Equifax, Experian, Innovis and TransUnion will be unable to share your information for at least five years. If you wish to permanently do so, instructions are provided for doing so by mail. |
Free Credit Report Beware of the Imposters!
By law everyone is intiteled to receive one free report from each of the three major credit reporting agencies per year... click on the link below to go to the website. 
Click the logo for more Inoforamtion for the Federal Trade Commissions Website  |
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