An Overview of the loan Process, It’s as EASY as 1,2,3!
The following is information that you might need to get started;
Contact one of our IMG Professional Mortgage Loan Officers.
What loan program is best for your situation?
Think about how long you plan to keep the loan. If you plan to sell your home in a few years, you may want to consider an adjustable-rate or balloon loan. If you plan to keep your home for a longer time, you may want to consider a fixed-rate loan.
Understand the relationship between rates and points. Points are considered prepaid interest and may be tax deductible. Each point is equal to 1 percent of the loan. For example 1 point on a $150,000 loan is $1,500. The more points you pay, the lower your rate.
Compare different loan programs. With so many programs to choose from, it is hard to figure out which program is best for you. That is why consulting with one of our IMG Loan Officers is so important, as they will guide you and help you find a loan program that fits your short and long term plans.
Being pre-qualified will:
Organize your Documents and Loan Application
All the research and preparation you have done to this point makes this step easy.
You can apply right now on our Start The Loan Process link, or if you rather you may apply in person. You will complete the Form 1003 and the attached loan information sheet, credit authorization and Fair Lending notice. Your Loan Officer may also request additional documents, such as pay stubs, W2, bank statements, this is the information that you have already organized, so now keep it handy and if you are asked, it will be easy to submit.
Once your loan application has been received, the loan approval process starts immediately. This involves verifying your;
To improve your chances of getting a loan approval, be sure to,
Notify your loan officer before applying for any other credit, including credit cards, personal loans. Some loan programs have very strict guidelines regarding your credit score. Credit inquires may lower your credit score and may have an adverse affect on your loan approval. It may also affect your interest rate and or loan program. So be very careful about applying for any loans.
Obtain Loan Approval and Close your loan
Your Loan Officer will call you once your Loan has been approved. There may or may not be a few conditions. This might include, a recent paystub, or copy of divorce decree, it could be a number of different things. This means that you are approved subject to getting any condition cleared.
Once you have an Approval and are clear to close, you will be required to sign the final loan documents. This will normally take place in the presence of a notary public. Your Loan Officer will prepare you as what to expect at closing and may include,
Please note: Your loan will normally fund shortly after you have signed the loan documents if it is a purchase transaction. However, if it is a refinance or Home Equity loan transaction, federal law require that you have three days to review the documents. The refinance loan will fund at the end of the three day rescission period.