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The Loan Process
1. Application
The first step in buying a home is getting a credit pre-approval. You can fill out our online application or call 770-469-4095 for a no obligation consultation. Next consider:
Purpose of the loan
Purchase - Buying your first home or looking to buy a new home.
Refinance - Want to convert wquity into cash.
Consolidate Debt - Want to get rid of credit card debt.
Fixed-rate or ARM
Term of the Loan - 30 year term most popular.
Rates and Points - With a lower interest rate you may save money.
2. Approval
Now that you have applied for a loan, our loan professionals will review and process the information from the application. A typical approval process includes the following steps:
Credit Check - A credit check will be peformed to verify the information you have presented.
Document Request - Here is a list of documents required to process your loan.
- Proof of income. If you are salaried, which means W-2s, pay stubs, bank statements, and investment information such as IRAs and 401 (K) statements. If you are self-employed: you will need tax returns for the past 2 years and a YTD Profit and loss statement.
- If you own rental property, you may also need to provide rental agreements.
- If you wish to speed up the approval process, consider providing statements from your bank, stocks and mutual funds, and IRA/ 401 (K) accounts.
- If you are requesting a cash-out refinance, provide a letter explaining what you plan to do with the proceeds.
- A copy of your divorce decree, if applicable.
- If you are not a US citizen, provide us with a copy of your Resident Alien or Immigration & Naturalization Card, both sides, or if you are not a permanent resident provide us with your H-1 or L-1 visa.
- If you are applying for a second mortgage, you will also need to provide a copy of the note on your first mortgage. This is normally found in your closing loan documents.
Appraisal
A qualified appraiser will be sent to the property to assess the value of the house and determine if the property supports the loan amount.
Underwriting
This represents the examination of the appraisal report, evaluation of your credit profile and a review of all documents. After the underwriting process, your loan may be approved for closing.
Now that you have received approval, it is time to take the final step toward finalizing your loan. At closing, you will meet with a qualified Settlement Agent of your choice, in a location close to you. All of the loan documents will be forwarded to the Settlement Agent by Lenders Gate Mortgage. Once there, you will review all documentation provided and, with the assistance of your Settlement Agent, sign where necessary. Below are some of the closing cost items you can expect to see.
Lender Costs
These may include processing fees, underwriting fees, and points.
Third Party Costs
Fees paid to other parties for items required to obtain a mortgage loan. These can include title policies, recording fees, and appraisal fees.
Prepaid/Escrow Cost
By setting up an escrow account, property taxes and hazard insurance will be added to your mortgage payment and paid monthly.
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