The Loan Process is a simple process. Most people today are Pre-qualified because it helps them negotiate better terms on their home purchase. At Hemet Mortgage, we recommend you get Pre-Approved when shopping for a new home. When you have Pre-Approval, you have loan approval from one of our underwriters. You are actually approved for the loan. This is the best way to shop for a home. Real Estate agents realize that you are approved for your loan and all that is needed to close is the appraisal and title report from the property. Sellers also know this and are more likely to accept your offer.
You can easily pre-qualify or get Pre-Approved online or during a personal meeting with one of our loan professionals to discuss your personal financial situation. Being Pre-Approved is a smart place to start. It lets prospective sellers know you have taken appropriate steps to possibly buy their home.
We will ask many questions to determine the best type of mortgage financing for you and your specific needs. Based on your financial position, we determine the amount of mortgage you qualify for. We also take into consideration the term of the loan, interest rates available, and your unique financial situation. We provide you with a "certificate" and "letter" stating the amount of loan you qualify for along with its terms. During the processing of your transaction, you work with one of our Loan Consultants. Your Loan Consultant is available at any time to answer your questions.
Within 3 days after your loan application, you are mailed a Good Faith Estimate. This document is required by the Federal Government and provides you an estimate of your closing costs. These costs include origination fees, discount points, mortgage insurance (when required), title insurance, escrow reserves, hazard insurance, and any other fees associated with your specific loan.
You are also provided a Truth-in-Lending Disclosure statement. This document details the estimated monthly payment for your loan, as well as other things such as interest rate and the Annual Percentage Rate (APR). The APR represents the amount of finance charges you will pay over the life of the loan. APR also includes fees such as the origination fee and other fees.
Once your loan has been approved, we will contact you, the listing agent and the selling agent. We then want to know the exact date you want to close on your transaction.
We will send you updates of your loan advising you what is still needed to get the loan approved. We believe the better informed you are the easier the process is for you.
You will be glad we're your lender!