An overview of the loan process for purchases

Obviously, there's a lot involved in getting a mortgage. You wouldn't be spending the time to learn the process if you could fill out a one-page application and get the best loan for you funded the same day. What I do is guide you through the process, so you don't have to worry about all the new rules and regulations of the mortgage world while you're buying your new home!

Step one: Determine how much you can borrow

The amount of money you can borrow is a function of a couple of things. First, how much of a monthly payment can you afford? And second, given your unique credit and employment history, income and debt, how much will a lender loan you? You can get a rough idea of the first part by using the calculators on my website. I'll also help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, I'll get you a good idea of what kind of terms and loan program you can expect to use.

Step two: Pre-qualify for your loan

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

Step three: Apply now!

Once you've made an offer and it's been accepted, it's time to complete the loan application. You can do it online, right here at my website or over the phone. All the forms will be e-mailed for your signature(s). You simply sign them and either e-mail or fax them back to us aloing with the copies of your supporting documentation. I'll work with the lender and let you know if any further documentation is required before the loan can be funded.

Step four: Your loan is funded

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

At this point in the process your seller receives the money and you're moving in to your new residence. Welcome home!