Loan Process
What Is the Loan Process? A Step-by-Step Guide
The loan process does seem tricky, but SLPN Lending breaks it down into processes that are step-by-step. You are either a home buyer or simply looking to refinance; with knowledge of each step, you may be more confident and better prepared. Here's a step-by-step guide through the loan process:
Step 1: Learn How Much You Can Borrow
Before you begin the search, you should determine how much you can afford to spend. It is a matter of determining how much you can borrow in relation to your income, your credit rating, and present indebtedness.
- Action: Get pre-approved online through our calculator or by telephone to one of our lending specialists.
- Advantage: You'll establish a very tight budget, and your offer will also be considered a better one by the sellers.
Step 2: Choose the best loan program
Well, now that your credit and income are established, it is time to select the loan program that best suits your needs. We have several types of mortgages, including fixed-rate, adjustable-rate, FHA, VA, and jumbo loans.
- Action: Discuss your objectives, plans, and budget with our loan experts to determine which program is the best fit for you.
- Benefit: You have got terms that fit your strategy after choosing the right loan.
Step 3: Apply For A Loan
You have shortlisted your loan program, and it is now application time. This is filling personal information, financial documents, and details concerning the property if you are to buy a house.
- Action: Fill up the loan application form and attach supporting papers such as pay stubs, tax returns, bank statements, and other identifying documents.
- Benefit: A complete and accurate application can expedite the underwriting stage.
Step 4: Loan Processing
Once we have your application, we process your loan. We ensure that every piece of information filled out within your application is correct, we check your credit report, and we have an appraisal done to determine a value for the property.
- Action: Act promptly and respond to any further requests from our team for additional information in keeping things moving along.
- Benefit: Efficient processing ensures that your loan remains on track and is not otherwise delayed.
Conclusion: Close Your Loan
The last closing stage is after the approval of your loan, and you sign all the required documents and pay any closing costs to finalize the sale.
- Action: Make sure that you examine your loan agreement very carefully before signing, bringing all of your payments or documents with you to the closing.
- Benefit: Once you sign the paperwork, the loan is completed, and you may officially own your home or finish refinancing.
Through SLPN Lending, we stand ready and willing to help you every step of the way in this process. Ready to get started? Contact us today!
