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Understanding The Loan Process

Understanding The Loan Process


Starts The Loan Process

  • Lay out a house shopping budget
  • Analyze your credit

Determines Your Ability To Repay

  • Verified by your employment history
  • Ideal candidates have been employed for at least two years

Determines Your Willingness To Repay

  • Determined by how the property will be used (primary residence, investment property, etc.) and credit reports


Picking A Loan Program

  • Consider how long you'll be in the home and what your current financial situation is
  • Your Loan Officer can then find the best program for you

Locking In A Rate

  • Mortgage interest rates fluctuate daily, sometimes hourly, so it's important to work with your Loan Officer and utilize the best programs


The True Start To The Loan Process

  • With the help of your Loan Officer, this is where you'll organize all your information and documents and begin building the loan package

Getting A Cost Estimate

  • From the application the Loan Officer is then able to build you a Good Faith Estimate (GFE) and a Truth-in-Lending Statement (TIL) which will cover the cost and fees involved with the loan


You Will Need To Provide The Following Documents

  • Tax returns from the past two years
  • Two most recent pay stubs
  • Bank, stock, and retirement account statements from the past two months
  • Additional personal information or documentation may be required


  • Formal evaluation to determine the value of the property
  • Value is determined by inspecting the physical structure and existing improvements and comparing the property to similar properties in the area


Getting Approval

  • Underwriter reviews the loan package and all supporting materials to determine if the loan is acceptable

Closing Documents

  • Bring a certified check, if accepted, or wired funds for your down payment, also bring Photo ID and proof of homeowners insurance
  • Once your mortgage has been funded and recorded, you will get copies of all the signed documents

Time Frame

  • Your average mortgage takes between 3-4 weeks to complete

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Jackie Koukol
Jackie Koukol
(888) 32-Marco (847) 736-4610

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