An overview of the loan process - Chris & Erin Januchowski

An overview of the loan process

Make no mistake, there is a lot involved in getting a mortgage loan. You would not be here on our website if you could fill out a one-page application and get the best loan for you funded the same day. What we do is most of the heavy lifting for you, so you can concentrate on what's important -- preparing to move into your new home, saving money, or making plans for your home equity line of credit.

There are four main steps involved in getting a loan. You will see that we have made your part in them as simple as possible, and we do all the work! That's what we are here for.

Step one: determine how much you can borrow

This is a function of a couple things. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? We will also help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, we will provide you with a good idea of the terms and loan program you can expect to benefit most from.

Step two: pre-qualify for your loan

This is where the rubber meets the road and you save the most money. You supply information about your employment, your assets, your residence history, and so on. We get your permission to run your credit score. When we review all this information we give you a Pre-Qualification Letter. Your realty agent will use your Pre-Qual (as they may call it) to make the best offer on the home you choose, and the seller knows you are pre-qualified. It gives you buying clout! And while you're picking out the home that is right for you, we are busy finding the loan that is right for you.

Step three: apply now! We make it easy

Once you have made an offer and it has been accepted, it's time to complete the loan application. It could not be easier, and you can do it online, right here at our website. When the time is right, we will order an appraisal of your new home.

Step four: your loan is funded

Your realty agent and the sellers will work together to designate an escrow/title company to handle the funding of your loan once it's approved. We will coordinate with the escrow company to make sure all the papers your lender will need are in order, and you will sign everything at the escrow/title company's office.

You have answered a few questions, given us some detailed information, applied online, and next thing you know, you're moving in! We're in the business of mortgage loans -- so we do most of the work. Doesn't that make sense?