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Process of Buying a Home
We’ve built the most convenient home loan service ever!
Here’s how it works:
1. You'll complete our online application.
The application will ask you questions about the home and your finances and takes less than 20 minutes to complete. As soon as you’ve finished the application we’ll review your request for approval.
After your application is completed, a Loan Advisor will contact you to introduce themselves and to answer any questions you may have. Your Loan Advisor is a mortgage expert and will provide help and guidance along the way. If your request wasn’t approved online, they’ll ask you for any information required to make a decision about your loan.
If you are purchasing a new home, the Loan Advisor will also contact the real estate broker or the seller so that they’ll know who to contact with questions.
2. We'll send you an application confirmation package and prepare your loan for closing.
The application confirmation package will be sent to you and will contain papers for you to sign and a list of items we’ll need to verify the information you provided about your finances during the online application.
We’ll order the appraisal from a licensed appraiser who is familiar with home values in your area. Depending on your finances and the loan amount requested, different types of appraisals are used. Sometimes the appraiser will need to view the home; sometimes they are able to do their evaluation from the street.
Title insurance will be necessary. If you are purchasing a home, we’ll work with the real estate broker or seller to insure the title work is ordered as soon as possible. If you are refinancing we’ll take care of ordering the title work for you. We’ll use the title insurance policy to confirm the legal status of your property and to prepare the closing documents.
3. We'll contact you to coordinate your closing date.
After we receive your application package, the appraisal, and the title work, we’ll contact you to schedule your loan closing. If you are purchasing a home, we’ll also schedule the closing with the real estate broker and the seller.
The closing will take place at our office or the office of an attorney in your area who will act as our agent. A few days before closing your Loan Advisor will contact you to walk through the final information.
That’s all there is to it!
You will be on your way to the most convenient home loan ever!
Mortgage Checklist
Items you must provide for your Mortgage application:
Personal Information
- Social Security number and date of birth. Required of you and any co-borrowers.
- Divorce or separation information. A copy of the divorce decree or maintenance agreement, along with any amendments and a 12-month payment history of alimony and/or child support payments, as well as documents if the payments are needed to verify your income and qualify for the mortgage.
- In-school/student information. School transcripts or diploma if you don’t have 2 years of employment history.
- Current housing information. For homeowners, your address, current market value, mortgage lender, account number, current monthly payment, and outstanding balance due on the mortgage. For renters, your address, the name and address of your landlord, proof of lease and your current monthly rent. If you’ve lived at your current address for less than 2 years, bring information for your previous addresses.
Your Employment Information
- Employer(s) verification. Names, addresses, and telephone numbers of your employers for the past 2 years.
- Income verification. Your 2 most recent pay stubs with year-to-date earnings.
- Self-employment documents. If self-employed, bring your profit and loss statement and balance sheet for the past 2 years.
Your Financial Information
- Tax information. W-2 tax forms and tax returns for the last 2 years.
- Bank account(s) information. Account number(s) and current balance(s) of your checking, savings, or any other account(s).
- Assets information. Statements of current assets, such as Individual Retirement Accounts (IRAs), Certificates of Deposit (CDs), stocks, and bonds. For individual investments, a current brokerage statement with the name of the stocks, the amount per share, and the number of shares owned.
Personal Property information
- Disclosure of the value of your personal property, including employee retirement accounts, furniture, cars, any valuable collections, other valuable property, and life insurance.
- Credit information. Names and addresses of all creditors, and the monthly payment and total amount due for all current loans.
- Rental property information. Federal tax returns and a schedule of all real estate property you own, plus account number and address of the mortgage company if any property you own is not paid for. If the property is rented, provide a copy of the current lease.
Information about the Home You Are Refinancing
- Recorded deed. Your deed will show the legal owner(s) of the property.
- Title Insurance. A copy of your title insurance will help the lender verify taxes on the property, and provide us with a legal description of the property
- Homeowner’s Insurance. A copy of your homeowner’s insurance will show that you have sufficient insurance to cover your property.
Mortgage Calculators
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Home Financing
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Percentages cannot exceed 100
How long you plan to keep the property must be less than or equal to the new loan term
Your down payment exceeds the home price
Refinancing Calculator
Refinancing at a lower rate has the potential to save you thousands of dollars in the long run. However, for refinancing to be worth it, the savings in interest must be greater than the fees (i.e. points, closing costs) involved with the refinancing process. The refinancing calculator will take these fees into consideration and tell you how much you could save (or lose) should you decide to refinance at a lower rate.
Fixed Rate Mortgage Calculator
Given the information on your fixed rate mortgage, the fixed rate mortgage calculator will determine how much your mortgage payments will be.
Adjustable Rate Mortgage Payments Calculator
Calculates the payments and interest on your adjustable rate mortgage.
Balloon Mortgage Payment Calculator
A balloon mortgage consists of paying smaller amounts at first, and then paying the a large portion of the mortgage at one time. This will show you the amount needed for a mortgage with a balloon payment.
Mortgage Comparison Calculator
The mortgage comparison calculator gives you financial statistics on different types of loans.
Payment Plans
You can save a lot of money if you increase your monthly mortgage payment in order to pay it off faster. Find out how much you could save over the life of your loan.
Home Affordability
Computes the most expensive house you can buy.
Loan Consolidation
Factors in the costs and benefits of consolidating your debts to determine whats the financially best way to pay them off.
Calculator Information
The monthly payment calculated factors in both the principal and interest. It does not factor in other mortgages costs such as annual property tax, HOA fees, PMI, etc.
Calculator Disclaimer
These financial calculators are made available as tools for your independent use. We cannot and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek advice from qualified professionals regarding personal finance issues.