The Mortgage Loan Process

The Mortage Loan process is fairly straight forward. We look for ways to approve loans, not reject them. When you are prepared and understand the process you can help make that approval happen. Paperwork

The mortgage loan process starts with the paperwork necessary to complete the loan. You can prepare much of the information ahead of time by reviewing "Documents Needed for Approval of Most Mortgage Loans". We will need documentation pertaining to your personal finances--your earnings, your monthly expenses, and your debts--to help gauge your willingness and ability to repay the mortgage. The more prepared you are, the faster the process can go.

Downpayment

Your Mortgage Loan Officer will review your documentation and your downpayment. We will work with you to find the loan that will meet your needs based on your finances and the downpayment you have available.

Credit History

We will also examine your file at the credit bureau to learn if you pay your bills on time. You may want to make sure your credit file is accurate before you apply for your mortgage. You have a right to know what information is contained in your credit report and to have someone from the credit bureau help you understand what the report says.

Appraisal

To figure the mortgage payment, the lender will begin by asking how much you want to borrow. The maximum loan amount will be determined by the value of the property and your personal financial condition. To estimate the value of the property, the lender will ask a real estate appraiser to give an opinion about its value. The appraisers opinion can be an important factor in determining whether you qualify for the size of mortgage you want. Lenders usually will lend the borrower up to a certain percentage of the appraised value of the property.