Calculate your monthly payment and see how the principal is pay overtime
Calculate the APR for fixed-rate or adjustable-rate loans.
Determine the additional monthly payment amount needed to pay off the loan sooner.
We recommend that you get pre-approved with us before you shop, so that you can negotiate from a position of strength and look in a price range that fits your criteria. Another important reason to be pre-approved is that this is also a good time to review the monthly payments, the down-payment requirements and closing costs that you can expect to pay.
The next step is to lock-in the current interest rates and points for your loan of choice for anywhere from 30 to 60 days. You may also elect to allow the interest rate to float, so that you can lock it in at a later time. If you decide to let the rate float you may end-up with a rate that is higher or lower than the rate on your date of application.
After you have reviewed disclosures, we will order a property appraisal, to determine the fair market value of the home, you will be required to pay for the appraisal. When refinancing with certain loan programs, an appraisal may not be necessary. Remember that the appraiser will give an opinion of value, the appraiser does not guarantee the condition of the home, we strongly recommend that you hire a home inspection company to determine the condition of the home.
You will then sign and return all required disclosures and any additional documentation needed to satisfy the conditions of the loan. When we receive the appraisal, a credit report, signed disclosures, and additional obligatory documentation, your loan officer will prepare and submit conditions for final approval.
After finalizing the mortgage loan process, a licensed title agent will handle the settlement process. Your Loan Officer and Real Estate Agent will assist you in coordinating this process. You’ll need to bring a cashier’s check for the down payment and other fees if you’re buying a new home. You’ll have to read and sign numerous documents during the settlement. We’ll wire the loan funds to the settlement agent, and the property owner or lender will be paid in full. Finally, the property’s ownership will be transferred from the seller to you.
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