Applying for a Mortgage
Taking out a home loan is probably the biggest financial decision you'll ever make. We'll help make it an easier one by answering your questions and keeping you fully informed every step of the way. See the answers below to get the information you need. For answers to your specific questions, email or call (866) 519-9317 to talk directly with one of our experienced loan consultants, M-F 8:30 a.m. to 8 p.m., and Saturday, 9:00 a.m. to 2 p.m. PST.
Should you talk to a mortgage professional before house hunting?
What can I afford to buy?
What about my less-than-perfect credit report?
What's the best loan program for me?
Can I be pre-approved for a mortgage loan before I've found a property?
Why is an appraisal necessary? Can I use the tax value of the home?
How is the appraisal obtained?
Is my information saved as I go through the online application?
Can I change information after I've submitted it online?
How do you use the personal information I enter in the online application?
Should you talk to a mortgage professional before house hunting?
Absolutely! Even if you haven't so much as picked out houses to visit yet, it's important to see your mortgage professional first. Why? What can we do for you if you haven't negotiated a price, and don't know yet how much you want to borrow?
When we pre-qualify you, we help you determine how much of a monthly mortgage payment you can afford, and how much we can loan you. We do this by considering your income and debts, your employment and residence situations, your available funds for down payment and required reserves, and some other things. It's short and to the point, and we keep the paperwork to a minimum!
Once you qualify, we give you what's called a Pre-Qualification Letter (your real estate agent might call it an "LSR"), which says that we are working with you to find the best loan to meet your needs and that we're confident you'll qualify for a loan for a certain amount.
When you find a house that catches your eye, and you decide to make an offer, being pre-qualified for a mortgage will do a couple of things. First, it lets you know how much you can offer. Your real estate agent will help you decide on an appropriate offer, but being pre-qualified gives you the confidence to know you can follow through.
More importantly, to a home seller, your being pre-qualified is like you walked into their house with a suitcase full of cash to make the deal! They won't have to wonder if they're wasting their time because you'll never qualify for a mortgage to finance the amount you're offering for the home. You have the clout of a buyer ready to make the deal right now!
You can always use the calculators available on our site to get an idea of how much mortgage you can afford -- but it's important to meet with us. For one thing, you'll need a Pre-Qualification Letter! For another thing, we may be able to find a different mortgage program that fits your needs better.
Return to top
What can I afford to buy?
Each buyer is unique—and we'll help you find out just what you can afford. Your monthly income and your financial obligations will typically play the biggest roles in determining your price range. It's simple to make an estimate; just run the numbers for yourself using our Mortgage Calculators.
What about my less-than-perfect credit report?
Our special solutions program can help:
- We offer loan options that are ideal for those who have a few "dings" on their credit report.
- We try to work with every customer to develop an individual mortgage program based on creditworthiness—we call it your personalized rate, because no two customers are alike.
Return to top
What's the best loan program for me?
That depends on a number of factors, including:
- How long you'll stay in the home
- How much money you'll put down
- How you'll finance the closing costs
For information on the loan programs and rates available, just visit Loan Types.
Return to top
Can I be pre-approved for a mortgage loan before I've found a property?
Yes. We not only support the idea, but strongly encourage it. Getting pre-approved lets you know how much home you can buy before you go house hunting. Plus, it lets realtors and sellers know that you’re a serious buyer because your financing is already arranged—which can be an advantage when making an offer.
Return to top
Why is an appraisal necessary? Can I use the tax value of the home?
An appraisal compares the current market value of the home you’d like to buy to other homes in the area that have recently been sold. Tax values can sometimes be higher or lower and may not reflect the actual appraised value of the home. A current appraisal is necessary to confirm the property’s value. You should not, however, rely on the appraisal for assurance about the condition of the home or its value.
Return to top
How is the appraisal obtained?
After you’ve decided to go forward or decided on a loan amount, we’ll arrange a date and time to obtain a current property valuation, otherwise known as an appraisal. You’ll be asked to provide a name the appraiser can contact to get access to the property. If you’re purchasing a home, you can list either your real estate agent or the seller's agent. At our discretion, we may obtain current property valuation based on information available through electronic resources. Once the appraisal is complete, the appraiser will send us the results, and your Loan Consultant will contact you.
Return to top
Is my information saved as I go through the online application?
Once you are ready for a home loan, we’ll ask you to register. Once you have registered, the information on each page will be saved when you complete that page and click "Continue." If you leave the site and return at a later time, you'll find the saved information by clicking on "My Loan Status" and logging back on to the site.
Return to top
Can I change information after I've submitted it online?
If you have already submitted your information, please call us toll-free at:
(866) 519-9317. Your Loan Consultant will be happy to help you with any changes.
Return to top
How do you use the personal information I enter in the online application?
We respect the fact that a loan application contains confidential information that needs to be treated responsibly and with care. For complete details on how we protect your information and the security methods we use, please visit Your Privacy page.
Return to top
 Equal Housing Lender
|
