An overview of the loan process - Fairway Independent Mortgage Corporation

An overview of the loan process

Make no mistake, there's a lot involved in getting a mortgage loan. You wouldn't be here on our website if you could fill out a one-page application and get the best loan for you funded the same day. What we do is most of the heavy lifting for you, so you can concentrate on what's important -- preparing to move into your new home, saving money, or making plans for your home equity line of credit.

There are four main steps involved in getting a loan. You'll see that we've made your part in them as easy as possible, and we do all the work! That's what we're here for.

Step one: determine how much you can borrow

This is a function of a couple things. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? The first part you can get a rough idea of by using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.

Step two: pre-qualify for your loan

This is where the rubber meets the road and you save the most money. You supply documentation about your employment, your assets, your residence history, and so on. We get your permission to run your credit score. When we review all this information we give you a Pre-Approval Letter. Handle it with care -- to a home seller, it's like a suitcase full of cash! Your realty agent will use your Pre-Approval to make the best offer on the home you choose, and the seller knows you're pre-approved to buy their home. It gives you buying clout! Now all you need to do is pick out the home that's right for you.

Step three: We make it easy

Once you've made an offer and it's been accepted, it's time to complete the loan process. When the time is right, we'll order an appraisal of your new home, title insurance, and any other reports needed to complete your transaction.

Step four: your loan is funded

Your realty agent and I will work together to designate an escrow/title company to handle the funding of your loan. We'll coordinate with the escrow company to make sure all the papers are in order, and you'll sign everything at the either our office or the escrow/title company's office.

You've answered a few questions, given us some detailed information, applied online, and next thing you know, you're moving in! We're in the business of mortgage loans -- so we do most of the work. Doesn't that make sense?