The Financing Process
Demystifying Home Loans
The home loan process can feel overwhelming. By collaborating with a trusted lender and remaining informed through every step of the process, from pre-approval to closing, you can have a significantly more comfortable experience. You’ll want to consult with a mortgage specialist (or two) to find a professional who you are confident will provide you with the best care.
To get an idea of what to expect, review the following home loan process steps.
Step One:
Get Pre-Approval
Before you start looking for a home to buy, it’s wise and proactive to meet with a lender to get pre-approved for a loan amount. Offers accompanied by a pre-approval letter are stronger and will stand out, especially when the seller is receiving multiple offers.
To gain pre-approval, your preferred lender will gather information about income, assets, and debts to help determine how much you can borrow. This includes gathering a credit report, W-2 forms, pay stubs, federal tax returns, and recent bank statements.
There are a variety of home loan programs offering different advantages depending on your unique needs and preferences. Your preferred lender can go over the specifics of each to ensure you find a loan option that best aligns with your needs.
Rate
Nick Long
About Me
For Nick Long, the opportunity to help his clients' dreams become reality is what inspires him to excel in his role as Producing Area Manager and Loan Officer with Rate. With over 12 years of experience in the mortgage industry, Nick specializes in renovation financing and has the expertise and local knowledge to help his customers experience an easy and smooth loan process. "I set myself apart from the competition by always being available, getting loans completed quickly, and being truthful in my mortgage advice to my clients," he says. Nick's focus on seeing the positive in every potential homeowner and finding a way to get tough mortgages done the right way has earned him All-Star status for 9 years running. Nick has achieved President's Club status every since 2015. With two young children and a Rhodesian Ridgeback dog named Duke, Nick and his wife stay busy outside of the office. He especially enjoys spending his free time with family and friends, and is a super-proud uncle of six nieces and nephews. Nick is happy to answer any of your mortgage questions. Give him a call anytime!
American Pacific Mortgage
Ivan Burgos
About Me
At American Pacific Mortgage, we are committed to creating experiences that matter. Our clients and referral partners are top of mind with our entire team - we are very aware and appreciative that you have placed your trust in us for this very important transaction.
We offer a full suite of web, mobile, text and email options for you to apply and communicate in the way that works best for you - and have security measures every step of the way to ensure that your private information stays that way.
Whether you're buying your first home, or are a seasoned investor, we have programs that can assist you in your home financing needs, including conventional, jumbo, FHA, VA, USDA, bridge loans, builder loans, renovation loans and more. Call me today to see how I can help you on your path to home ownership, or perhaps to assist in refinancing your current loan to meet the goals you have in mind.
American Pacific Mortgage
John Russo
About Me
At American Pacific Mortgage, we are committed to creating experiences that matter. Our clients and referral partners are top of mind with our entire team - we are very aware and appreciative that you have placed your trust in us for this very important transaction.
We offer a full suite of web, mobile, text and email options for you to apply and communicate in the way that works best for you - and have security measures every step of the way to ensure that your private information stays that way.
Whether you're buying your first home, or are a seasoned investor, we have programs that can assist you in your home financing needs, including conventional, jumbo, FHA, VA, USDA, bridge loans, builder loans, renovation loans and more. Call me today to see how I can help you on your path to home ownership, or perhaps to assist in refinancing your current loan to meet the goals you have in mind.
Estimate Your Monthly Payment
Estimate your mortgage payment, including the principal and interest, taxes, insurance, HOA, and Private Mortgage Insurance.
Price
Annual Tax
Loan Term (Years)
Down Payment %
Interest Rate %
Monthly HOA
Monthly Insurance
$3,198.20
Estimated Monthly Payment
Principal
$2,398.20
(75.0%)Taxes
$500.00
(15.6%)Private Mortgage Insurance (PMI)
$0.00
(0.0%)HOA
$100.00
(3.1%)Insurance
$200.00
(6.3%)
Step Two:
Find the best loan
Collaborating with a top-notch local loan officer will ensure you have access to competitive rates and programs that best fit your individual needs. Take the first step by completing this form to get connected today!
Step Three:
Application and processing
When you find the perfect property and your offer is accepted, your lender will help you complete a full mortgage loan application, discuss down payment options, and explain any related fees.
Then, your application is submitted for processing where the documents are reviewed. Your lender will also order a home appraisal and a property title search.
The next part of the application process involves sending everything to an underwriter who will review and approve the entire loan package to make sure it meets all compliance regulations.
It is not unusual to receive requests for additional documentation or clarification during this phase of the application process.
Step Four:
Signing and finalizing the deal
Once your loan is approved, you’ll need to set up homeowners insurance.
Your documents will be sent to the title company and the closing will be scheduled for you to sign the necessary paperwork and pay any additional costs to complete the purchase of your new home.
After the loan goes through the required recording process, the purchase is complete, and you officially own your new home!
