When purchasing or refinancing a house, you should get Pre-Qualified or Pre-Approved. Typically you can get Pre-Qualified over the phone or on the Internet in a just a few minutes. A Pre-Qualification is primarily just a Pre-Qualification determined by verbal information. A Pre-Approval is where you go through a more rigorous process which would include verification of your credit, income, assets and liabilities. It is highly recommended that you get Pre-Approved before. This will help you:

Step #3 – Determine the Best Loan Program

Everyone has different financial needs:

• Think about how long you plan to keep the loan. If you plan to sell or refinance your house within a few years you may want to consider an Adjustable or Balloon Loan Program. On the other hand, if you plan to keep your house and not refinance for a longer time period, you may want to look at Fixed Loan Programs. Discuss these with one of our experienced Mortgage Professionals.
• Understand Rates & Discount Points. Discount Points are considered to be Prepaid Interest and are tax deductible. Each Discount Point is equal to one percent of the loan amount. For example 1 Discount Point on a $150,000 loan is $1,500. The more Discount Points you pay, the lower the Interest Rate you will obtain.
• Compare different Loan Programs. Choosing which Loan Program that is best can be difficult and a little confusing. With so many Loan Programs to choose from, each of which have different Interest Rates, Discount Points and Fees, it's hard to figure out which program is best for you. That's where an experienced loan consultant can help you make the decision that's best for you.

Step #4 – Obtain Loan Approval

Once your Loan Application has been received we will start the loan approval process immediately. This involves verifying the following:

• Credit History
• Employment History
• Assets including your bank accounts, stocks, mutual fund and retirement accounts
• Property Value

Based on your specific situation, additional documents or verifications may be required. The following will help to improve your chances of getting your Loan Approval:

• Fill out the Loan Application completely.
• Respond promptly to any requests for additional documents. This is especially critical if your Interest Rate is locked or if you plan to close by a certain date.
• Do not make any major purchases. Do not buy a car, furniture or another house till your loan is closed. Anything that causes your debts to increase might have an adverse affect on your current Loan Application.
• Do not move money into your Bank Accounts unless it can be traced. If you are receiving money from friends, family or other relatives, please speak with your Loan Consultant before doing this, so you can be advised of the proper procedures.
• Do not go out of town around the closing date. If you do plan to be out of town when your loan is expected to close, you may sign a Power of Attorney, to authorize another individual to sign on your behalf.

Step #5 – Loan Closing

After your loan is approved, you will be required to sign the final loan documents. This will normally take place in front of a Notary Public or an Escrow Officer. Be prepared to:

• Bring a Cashier's Check for your down payment and closing costs (if applicable). Personal checks are normally not accepted by the Escrow Company.
• Review the final Loan Documents. Make sure that the Interest Rate and Loan Terms are what you were promised. Also, verify that the name and address on the Loan Documents are accurate and correct.
• Sign the Loan Documents.

Your loan will normally close shortly after you have signed the Loan Documents. On Refinance Loans and Home Equity Lines of Credit transactions, Federal Law requires that you have 3 days to review the Loan Documents before your loan transaction can close and record.