The Loan Process

1. Pre-qualification
2. Assessing programs and rates
3. Mortgage application
4. Processing and approval
5. Meeting document requirements
6. Obtaining credit reports
7. Learning appraisal basics
8. Underwriting
9. Closing

Pre-qualification points you in the right direction.

Brokers first gather information about income and debts in order to determine how much a borrower can pay for a house. Different programs can cause different valuations and you may qualify for more than one. It's important to pre-qualify for each loan type available to you.

Before approval, mortgage companies look at two key factors: the borrower's ability and the borrower's willingness to repay the loan.

1. Ability to repay the mortgage is verified by your current employment and total income. Generally speaking, lenders prefer at least two years with the same employer, or several in the same line of work.

2. Willingness to repay is determined by examining how the property will be used. For instance, will you be living there, or just renting it out? Willingness is also closely related to how you have fulfilled previous financial commitments. Do you have a clean Credit Report and/or rental payment history?

Your success leads to our success. We'll make sure you qualify. It's important to remember that there are no rules carved in stone. Each applicant is handled on a case-by-case basis. So even if you do come up a little short in one area, you may be strong in another.