How to Get a Loan

How to get a home purchase loan

The mortgage process doesn’t need to be complicated. We’ll show you how it works.

 

1. Initial Consultation

The initial consultation is typically face-to-face or over the phone. While you can fill out an online application, we typically find our client’s loan experiences are much more enjoyable and smooth after meeting with us to go over specific wants and needs when getting into the market to purchase a home. If you haven’t already applied we will collect some information from you to take a loan application. Your application will provide a complete picture to loan investors of your assets, debts and what you are buying. It will take into account documents such as pay stubs, proof of income, tax returns, employment history, and information on all debts, assets, and sources for down payments. Don’t worry, we will request these documents as applicable for your loan application so that you can be fully prepared.

2. Select Your Loan Program

Fixed rate? Adjustable? FHA? Once we’ve take your loan application we can start to look at the perfect loan for your unique needs. Are you looking for the consistent rates and payments that a fixed rate loan can provide? Do you want the short-term benefits of lower rates that an adjustable rate loan can bring? Maybe you are interested in some down payment assistance options. Our extensive portfolio of loan options means you have more choices available to get just what you need.

3. You’re Pre-Approved

Once we have your loan application and select a loan program we can issue your pre-approval letter. You’re now ready to go shopping for a house with your agent! A pre-approval letter will give you an advantage when you find your perfect home. With a pre-approval, the loan process will be smoother and your offer will be stronger since very few offers are accepted without this letter.

4. Processing and Underwriting

You are now in contract on a home! While we take a look at most of the details on your loan application your loan has specific investor guidelines that must be met, and an underwriter will review your documents to be sure that you meet them. While an underwriter reviews your file, an appraisal will be ordered on the home. Additional information may be requested, so don’t panic if you have to turn in more documents. That’s just the underwriter working hard to get your final approval.

5. Loan Approval

Before you receive a full loan approval, you will be approved with conditions. This simply means that a list of closing conditions needs to be met. These conditions can include verification that your employer is current and proof that homeowner’s insurance has been obtained. Once closing conditions have been satisfied, the underwriter issues a clear to close. Congratulations, your loan has been approved!

6. Close the Loan

With an approved loan, you are on the home-stretch towards closing. The lender will send closing documents to a title company that draws up paperwork and arranges for signing of documents. Once the documents have been signed and funding conditions have been met, the title is recorded and the process is complete. You are now the proud owner of your new home and the keys are yours!

  • "Jeremy helped me and my husband refinance our home. I strongly recommend him with any and all of your finance inquiries. My husband and I had a great experience refinancing our home."
    Carmen G., Home Owner
  • "Jeremy was really great to work with! He was very responsive to all of my requests and made the entire loan process very easy to understand. I highly recommend Jeremy to anyone looking to buy or refinance."
    Melanie J., Homeowner
  • "Jeremy at American Pacific Mortgage went above and beyond to help my wife and I navigate the mortgage process when buying our new home. Your service was invaluable and we hope to work with you again if we ever purchase another home."
    Cacilie W., Home Owner

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