An overview of the loan process - Innovative Mortgage Services, Inc.

An overview of the loan process

Make no mistake about it, there's a lot involved in getting a mortgage loan. We have some good news for you. We will do the heavy lifting for you, so you can concentrate on what's important -- family, work, preparing to move into your new home, saving money, or making plans for your home equity check.

There are four main steps involved in getting a loan. You'll see that we've made your part in them as simple as possible, and we do all the work! That's what we're here for.

Step one: determine how much you can borrow

This is a function of a couple things. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? The first part you can get a rough idea of by using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.

Step two: pre-approval for your loan

This is where the rubber meets the road and you save the most money. You can complete our online application or your Loan Officer will do so for you. Your loan is submitted through an Automated Underwriting system and your Loan Officer secures your approval letter. Handle it with care -- to a home seller it's like a suitcase full of cash! Your real estate agent will use your pre-approval letter to negotiate the best offer on the home you choose. It gives you buying clout! And while you're picking out the home that's right for you, we're busy tying up the loose ends.

Step three: the loan process

Once offer has been accepted it's time to complete the loan process. Your Loan Officer will gather your loan documents, you will sign your loan application and related disclosures, and when the time is right, we'll order an appraisal of your new home. We can refer insurance providers if you wish and assist you with other services you desire.

Step four: your loan is funded

Your realty agent and the seller's will work together to designate an escrow/title company to handle the funding of your loan once it's cleared to close. We'll coordinate with the escrow company to make sure all the papers your lender will need are in order, and you'll sign everything at the escrow/title company's office.

You've answered a few questions, given us some detailed information, applied online, and next thing you know, you're moving in! We're in the business of mortgage loans, you're not -- so we do most of the work. Doesn't that make sense?