Before you begin looking for a home, it helps to understand your buying power and what fits comfortably within your budget. We’ll start with a conversation about your goals, income, debts, and available funds to help you explore your mortgage options.
Prequalification provides an initial estimate based on the information you share. Preapproval involves a more detailed review of your income, credit, assets, and liabilities, helping you shop with a clearer picture of your financing options. Final loan approval remains subject to lender review and applicable requirements.
Loan-to-value compares your loan amount with the property’s value. Debt-to-income compares your monthly debt payments with your income. These measures help lenders evaluate your application, with guidelines varying by loan program and lender.
Your payment history, outstanding balances, length of credit history, and other credit factors help lenders assess your financial profile. We’ll help you understand how your credit may influence available loan options and terms.
If you’re self-employed, documenting your income may involve business records, tax returns, profit-and-loss statements, or other supporting information. We’ll explain the documentation needed for the loan program you’re considering.
Your down payment and closing costs may come from savings or other eligible sources. Some programs allow gift funds from an acceptable donor. We’ll review permitted sources and any documentation or gift-letter requirements with you.
Home loans come in many shapes and sizes. Whether you’re purchasing a home or refinancing, choosing a mortgage means considering your financial situation, monthly budget, and long-term plans. One important difference is how the interest rate works: fixed-rate mortgages offer a consistent rate, while adjustable-rate mortgages allow the rate to change according to the loan’s terms.
A fixed-rate mortgage keeps the same interest rate throughout the loan term. Common terms include 15 and 30 years. On a standard fully amortizing fixed-rate loan, your scheduled principal-and-interest payment stays consistent, making it easier to plan your budget.
Property taxes, homeowners insurance, and other applicable costs can change, so your total monthly payment may still increase or decrease.
An adjustable-rate mortgage, or ARM, typically begins with a fixed interest rate for an initial period. After that period, the rate may adjust at scheduled intervals based on the loan’s index, margin, and adjustment limits. Your payment may rise or fall when the rate changes.
Selling or refinancing before the rate adjusts is not guaranteed. Review potential payment changes and adjustment limits before choosing an ARM.
Let’s compare your options. We’ll explain available loan programs, interest-rate structures, terms, and costs so you can choose financing that fits your needs today and your plans for the future.
Once you’re ready to move forward, complete your mortgage application and provide the requested supporting documents. Your loan officer will guide you through the information needed, answer your questions, and let you know if anything additional is required for your situation or loan program.
Pay stubs, W-2s, tax returns, or other records that document your income, as requested.
Bank or investment account statements showing your available funds and account activity.
A government-issued photo ID, such as a driver’s license or passport, as requested.
Other information based on your circumstances, such as business records, gift documentation, or property details.
Unsure which documents to provide? Your loan officer can help you prepare.
After your application is received, your loan moves into processing and lender review. Approval requirements vary by lender and loan program, but generally include a review of your ability to repay, your credit history, available funds, and the property being financed.
Your loan processor and loan officer help gather and verify the necessary information, address questions, and coordinate any additional documentation requested by the lender. We’ll keep you informed as your application moves forward.
The lender reviews your income, employment information, and monthly debts to evaluate your ability to manage the proposed mortgage payment.
Your credit report is reviewed for payment history, outstanding obligations, and other relevant information. The lender may request explanations or supporting records for certain items.
Account statements and other records help verify the funds available for your down payment, closing costs, and any required reserves. Documentation may also be needed for gifts or significant deposits.
When required, an appraisal helps the lender evaluate the property’s market value. The property must also meet applicable requirements for the selected loan program.
The lender may request updated statements, written explanations, or other information before making a final decision. Your loan officer will explain what is needed.
Staying organized and communicating with your loan officer can help prevent avoidable delays.
As your loan moves toward closing, you’ll review the final documents and confirm your loan terms, closing costs, and funds needed. Take time to check the interest rate, payment details, names, and property information, and ask your loan officer about anything you don’t understand.
Your closing team will explain the signing arrangements, identification requirements, and how to provide any required funds. Signing, funding, and recording may happen at different times depending on your transaction. We’ll help you understand what to expect as you complete the final steps.
Review your final loan terms and closing costs before signing. Confirm that your personal and property information is correct, and ask questions about any differences or unfamiliar charges.
Coordinate homeowners insurance and any other coverage required by your lender. Provide the requested policy information and proof of payment when needed.
Confirm the amount needed and accepted payment method with your closing team. Before sending a wire, verify instructions directly with your trusted closing professional using a known phone number.
Stay connected through the final step. Keep your loan officer informed of scheduling changes and confirm when your transaction has funded and closed.
Whether you’re ready to apply or simply exploring your options, our team is here to answer your questions and help you take the next step.
Loan approval is subject to lender review and program requirements.
