Getting a Home Loan

We can help you not only with your real estate search, but in getting a home loan from a local lender at a competitive rate. We highly recommend pre-qualifying for a home loan before selecting a home to purchase. This will help you:

  • Be in a better position for negotiation.
  • Determine the price range you can afford.
  • Understand the types of loans you qualify for.
  • Determine what your monthly payment will be.Mortgage Application Approved
  • Estimate the down-payment and closing costs.

Try pre-qualifying for a mortgage. Ken & Melody Kramer can help you to select a mortgage lender. Once you have made your decision, these are the steps of the process:

Application – All pertinent documentation is obtained. Fees and down payments are discussed, and the borrower will receive a Good Faith Estimate (GFE) and a Truth-in-lending statement (TIL), itemizing the rates and associated costs for the loan.

After the Application Process, you are pre-approved, and almost ready to start looking for your property.  Most Offers to Purchase require a Pre-Qualification, especially if they are Bank Owned (REO’s).

Documentation– If not already completed in the pre-qualification stage,  your lender will order all necessary supporting documentation. Once inspections are completed, we will order an appraisal on the property. As it comes in, documentation is checked for any irregularities.

After the supporting documents have been submitted and verified, you are Pre-Qualified and ready to start looking for your desired property.  You can look with the confidence of knowing exactly how much you can afford, making your search that much easier.

Loan Submission – Once all the necessary documentation is in, you have located your desired property, then your completed file is submitted to a lender for final approval.

Loan Approval/Underwriting – Loan approval, or underwriting, generally takes 24 to 72 hours. All parties are notified of the approval and any loan conditions that must be received before the loan can close.

Closing – Once all parties have signed the loan documents, they are returned to the lender. If all the forms have been properly executed, the lender sends the loan funds by wire transfer. At this point, the borrower finishes the loan process and actually buys the house.