An overview of the loan process
Make no mistake, there’s a lot involved in getting a mortgage loan. You wouldn’t be here on our website if you could fill out a one-page application and get the best loan for you funded the same day. What we do, is do most of the heavy lifting for you, so you can concentrate on what’s important — preparing to purchase and manage your new investment property or making plans for your refinanced property equity check.
There are four main steps involved in getting a loan. You’ll see that we’ve made your part in them as easy 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 of things. Usually the limiting factor for the loan amount is the debt coverage for the property. Sometimes the LTV guidelines can also reduce the loan amount. We will analyze the property and let you know the exact loan amount that the property will qualify for. Based on standard lender guidelines, we’ll get you a good idea of what kind of terms and loan program would be best for your property.
Step two: pre-qualify for your loan
After the property is analyzed, we will pull your credit report and also talk with you concerning your finances. We will also find out if you have any history of owning or managing properties. After this process we will issue a Letter of Interest when requested for the purchase of an investment property.
Step three: apply now! We make it easy
Once you’ve made an offer and it’s been accepted, it’s time to complete the loan application. It couldn’t be easier, and you can do it online, right here at our website. When the time is right, we’ll order an appraisal of your new apartment complex.
Step four: your loan is funded
Your realty agent and the seller’s will work together to designate an escrow/title company or lawyer to handle the funding of your loan once it’s approved. 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 or the location of your choice.
You’ve answered a few questions, given us some detailed information, applied online, and next thing you know, you’re approved! We’re in the business of mortgage loans, you’re not — so we do most of the work. Doesn’t that make sense?