Realtor Info
The experts in home financing

Mortgage 101

MORTGAGE 101

Our job isn’t just to find you the best home loan that suits your financial needs, but to educate our customers on answering their questions about specific mortgage products, issues or current trends. From the basics on interest rates, down payments and insurance, to sellers’ concessions and details on new housing legislation, we’ve included here some answers to your most frequently asked questions.

We’re happy to answer more mortgage-related questions you may have. Feel free to email us by clicking on the “Information, please” link located at the bottom of the page.

HOME LOAN BASICS

Make no mistake – there’s a lot involved in getting a mortgage loan. You wouldn’t be here on our website if you could fill out a one-page application and get funded the same day. That’s why we’re here to help simplify the four-step mortgage process and place you closer to obtaining your best home loan, so you can concentrate on what’s important: saving money, moving into your new home, and building equity and credit.

  • How much can you afford to borrow?
  • Pre-Qualification
  • Loan Application
  • Loan Funding

 

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1. How much can you afford to borrow?

The first question borrowers should ask themselves is: “How much of a monthly payment can I afford?” Take into account your credit score, credit history, income, debt and long-term goals. Then, use our mortgage calculator to estimate how a mortgage can affordably fit into your budget. Our loan officers can help you get you a good idea of the terms and loan programs you can expect to benefit most from.

2. Loan pre-qualification

Just like budgeting assesses how much you can afford to borrow, pre-qualification estimates how much money a lender may offer you – and shows sellers that you have the financial backing to secure a mortgage. To aid you in the pre-qualification process, we’ll ask you to supply us information on your employment, assets, residence history, and your credit score. After review, we’ll issue you a pre-qualification letter. Handle it with care – to a home seller, it’s like a suitcase full of cash!

After pre-qualification, your real estate agent uses your letter to make the best offer on the home of your choice.

3. Loan Application

Applying is easy and convenient, in person at one of our walk-in branches, or online. Once your agent has made an offer – and you’ve been accepted – we call for an appraisal of your home-to-be.

4. Loan Funding

The last step of the mortgage process, your attorney and the seller’s work with an escrow/title company to handle the funding of your new loan after you’ve been approved. Our role is coordinating with the escrow company to ensure that the final lending stages – from paperwork to other essentials – are in order for you to sign at closing, paving the way for the next step: moving in to your new home.