THE LOAN PROCESS MADE SIMPLE

Following,

Please find a brief summary of the entire loan process.  Enjoy!  :)

Get your documents & finances in order

Your mortgage professional will start with reviewing your credit report.  This report will be used by your prospective lender as a measure of how you manage your finances.  Good credit gets you better rates and a stronger negotiating position for terms.  Most people are surprised at their report's contents because errors in reporting are common.  Now is the best time to clean them up.

- You may wish to gather the following information in advance:

• A copy of one months' most recent pay stubs
• A copy of your two most recent W2s
• Two months' recent bank statements for each bank, IRA, 401K, stock and mutual fund account

- Gather the following additional information when refinancing:

• A copy of your current homeowner's insurance policy
• The approximate value of your house
• Your current outstanding loan amounts

Get pre-approved to determine how much you can borrow

Once you get qualified, you will have a good idea of how much you can afford.  A pre-qualification gives you a quick and easy idea of what you can borrow.  It is a helpful and painless first step.  Sellers will often accept an offer from a buyer that pre-approved over one that is of unknown backing.

Intuitive Loans will find you a loan officer (free of charge) who will help you create the mortgage that fits your current and future needs.  There are many factors to be considered. 

• How long do you plan to keep the loan? 
• Would a fixed or adjustable rate mortgage be best for you? 
• How many points should you pay? 
• What other costs are involved? 
• When should lock in your rate? 

Based on your needs and situation, your loan officer will show you which mortgage products will work best for you.  Throughout the entire process, they are there for you to answer your questions with knowledge gained through years of experience.

Your loan officer will review the loan application and supporting materials to make sure that your loan package is correct and as strong as possible.  They will then "shop" your loan application package to several lenders in order to find you the best deal possible.

As your closing date nears, your mortgage broker and real estate agent will check the progress on a daily basis.  By staying one step ahead, your real estate professionals will know ahead of time if there is a situation that must be dealt with BEFORE it becomes a problem.

For your closing, you should bring all of your documentation that you have used during the whole mortgage shopping process.  At the closing itself, everyone involved in your transaction will be present (buyer, seller, closing agents and attorneys).  You will sign the necessary legal documents, pay your closing costs and escrow items, and receive your closing documents. 

If you live in an escrow state (such as California), escrow will already have all of your closing documents.  You will only need to bring a cashier's check for closing cost if applicable.

Now you receive your key, move in and celebrate!

Remember, you should never hesitate to ask questions.  Ask questions whenever they arise until you understand the entire process.