What to Expect from the Loan Process
The loan process will vary a little depending on whether it supports a purchase or refinance, but generally follows a similar set of steps. Our team will guide you through the process with clearly identified action items and will provide access to loan tracking tools for instant updates, but we understand that an overview can be helpful.
Before You Begin
Before proceeding with a loan, it is helpful to do a quick audit of your goals, assets, and liabilities. This helps us ensure we are selecting a loan that meets your needs and makes the process go more smoothly. Recommendations:
Know Your Assets
Whether purchasing a new property, refinancing, or accessing equity from an existing home, start with a survey of your assets. This might include income, home equity, savings, stocks, potential gift funds, or several other categories. Begin thinking about where those assets are documented. We will guide you through what we need, but the more information you have early on, the better we can assess the purchase price and loan amounts available to fit your goals.
Determine Your Financial Goals
Borrowers typically have several loan options. You may be able to pay more up front to lower your monthly liabilities, draw on equity from a current property as a bridge to a new purchase, work towards a shorter timeline to move quickly on an investment property, or many other options. Consider your priorities: do you need to move quickly? Lower your monthly payments? Save cash for other liabilities? Our team is your champion in finding the best match possible, with a breadth of product options that far exceeds traditional lenders. The more information you can provide about your financial goals up front, the faster we can find an ideal match.
Typical Steps for a Purchase
1
Connect with us. As a first step, let us know that you are interested in beginning the process. We can help you assess the options available so you know what down payment you might need and the loan options available.
2
Submit an application. Provide basic details on your borrower profile and interest. Apply through our portal on Rate.com for secure submission and direct communication with our team.
3
Get a pre-approval letter. Our team will generate a pre-approval letter based on your loan qualifications, or let you know what might help you qualify if the conditions aren't yet met.
4
Connect with a Realtor. Connect with a Realtor to find properties that fit your goals and qualifications. (Note: it's possible to connect with a Realtor earlier in the process. However, one of the first questions a Realtor will typically ask is whether you have a lender and pre-approval letter, so we recommend completing the other steps first.)
5
Submit your offer. Work with your Realtor to submit your offer. By working with our team early, we can help you find a loan that maximizes your options for success.
6
We do the rest. Once your offer is accepted, our team will guide you through the remaining process, including:
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Researching and providing available loan options
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Providing detailed lists of documents needed for qualification
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Ordering an appraisal
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Communicating with your agent
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Coordinating with title and escrow