How to Get a Loan
We believe every customer should have the best loan experience possible.
HOW TO GET A LOAN
Whether it is your first home or you’re a seasoned home owner, knowing what to expect in the process can be a great comfort in today’s market.
Here is an overview of how the loan process works:
The Mortgage Consultants on The Ben Lemon Team will listen to your wants and needs. The Mortgage Consultant will gather information from you on the loan application and discuss the various loan programs that you may qualify for and that fit your needs. In addition to the application, you will be requested to send over support documents, i.e. Tax Returns, Pay stubs, Asset statements, etc.
NOTE: There are three major pieces to a loan approval “recipe” – they are Credit, Income, and Assets.
(#4 below) Your history of how you have used credit.
Your ability to repay the loan
Your savings that will be used for Down Payment and Closing Costs associated.
Now that the Underwriter has Final Approved the loan, the Loan Documents will be prepared and sent to the Title Company for signing. The Title Company will reach out to you and set a time to sign the documents with a Notary. The Mortgage Consultant will go over the numbers with you to confirm your Cash to Close and how much to bring to your signing. After signing, typically within 24 hours your loan will Fund and the Deed will record in your name. This means the house is yours!! The key to making this a Smooth process for you, the buyer, is to keep you thoroughly informed throughout the process. You will updated weekly by your Mortgage Consultant. There a lot of people involved in the process and it is our responsibility to orchestrate the process. From the Realtor, appraiser, home insurance, title company, notary, etc. We take responsibility of keeping you informed and closing on-time and accurately.