PURCHASE

Owning your own home has several advantages besides the obvious satisfaction you get from home ownership.  You can build equity and enjoy tax deductions, and the quality of your life is greatly improved.

Whether you are a first time homebuyer, a renter, or you are purchasing a new or second home, we have an assortment of tools and loan programs to meet your individual financing needs.  Use our easy-to-navigate site and pre-qualify online or contact us directly by phone.

GET QUALIFIED

When buying a house, you may get pre-qualified or pre-approved.  You can typically get pre-qualified over the phone or on the internet in a few minutes.  A pre-qualification is not as beneficial as a pre-approval where you have to go through a more rigorous process which includes verification of your credit, income, assets and liabilities.  It is highly recommended that you get pre-approval before you start looking for a house.                     

1. Find out the maximum house you can buy, so you don't waste time looking for properties you can't afford.

2. Puts you in a stronger position when you are negotiating with the seller because the seller knows that your loan is already approved.

3. Gives your realtor negotiating leverage.

4. Helps you close quickly since your loan is already approved.

SHOP LOAN PROGRAMS AND RATES

1. Think about how long you plan to keep the loan.  If you plan to sell the house in a few years you may want to consider an adjustable or balloon loan.

2. Understand the relationship between rates and points.  Points are considered to be prepaid interest and are tax deductible.  Each point is equal to one percent of the loan.  So, for example, one point on a $150,000 loan is $1,500.  The more points you pay, the lower the rate you will get.

3. Choose different programs.  Shopping for a loan can be difficult.  With so many programs to choose from, each of which has different rates, points and fees, it's hard to figure out which program is best for you.  That's where an experienced loan officer can help you make a decision that's best for you.

OBTAIN LOAN APPROVAL

Once your loan application has been received, we will start the loan approval process immediately.  This involves verifying your:

1. Credit history

2. Employment history

3. Assets (bank accounts, stocks, mutual funds and retirement accounts)

4. Property value

Based on your specific situation, additional documents or verifications may be required.  To improve your chances of getting a loan approval:

1. Fill out the loan application completely.

2. Respond promptly to any requests for additional documents.  This is especially critical if your rate is locked or if you plan to close by a certain date.

3. Do not make any major purchases.  Do not buy a car, furniture or another house until your loan is closed.  Anything that causes your debts to increase might have an adverse affect on your current application.

4. Do not move money into your bank accounts unless it can be traced.  If you are receiving money from friends or family, please contact us.

CLOSE THE LOAN

After the loan is approved, you will be required to sign the final loan documents.  This will normally take place at a title company or an attorney's office.  You will need to:

1. Bring a cashier's check for your down payment and closing costs if required.  Personal checks are normally not accepted.

2. Review the final loan documents.  Make sure that the interest rate and loan terms are what you were promised.  Also, verify that the name and address on the loan documents are accurate.

3. Sign the loan documents.

Your loan will normally close shortly after you have signed the loan documents.  On refinance and home equity loan transactions, federal law requires that you have 3 days to review the documents before your loan transaction can close.