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 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. We perform 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 check.
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, debt, and goals, how much will you be allowed to borrow? You can begin by using the mortgage calculator on our website. We'll also help you through different scenarios by asking a few simple questions. Based on standard underwriting guidelines, we'll give you a good idea of what kind of terms and loan program you can expect to benefit most from.
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| Step two: pre-qualify for your loan |
This is where the rubber meets the road and you save the most money. You supply information about your employment, your assets, your residence history, and so on. We get your permission to run your credit profile. When we review all this information we give you a Pre-Qualification Letter. Handle it with care -- you will need to supply your realtor with this valuable form. Your real estate agent will use your "Pre-Qual" to make the best offer on the home you choose, and the seller knows you're pre-qualified. It gives you buying clout!
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| Step three: apply now! We make it easy |
Once you've made an offer and it's been accepted, it's time to complete the loan application. It couldn't be easier, and you can do it online, right here at our website. When the time is right, we'll order the appraisal, homeowner's insurance from your insurance agent, and the title work from your attorney. South Carolina is an "Insurance / Attorney" preference state. You can choose your own agent / attorney or choose from our approved agent / attorney list. We'll even supply you with different insurance quotes that may save you even more money!
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| Step four: your loan is funded |
You will attend the scheduled closing at the your chosen attorney's office. Once the final documents are fully signed and executed by you and the seller (if applicable), your loan will fund. If you are purchasing a new home, the seller will be paid at closing. If you are refinancing your existing mortgage (Rate/Term to lower your monthly payment or a "Cash-Out" transaction), remember that Federal law requires a "Three-Day Right of Rescission" period to pass before your loan will fund. This period protects you in the event you change your mind after the loan has actually closed.
| 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?
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