An Overview of the Loan Process

Make no mistake, there is a lot involved in getting a mortgage loan. You would not be here on my blog site or at my website if you could fill out a one-page application and get the best loan for you funded the same day. What I do is most of the heavy lifting for you, so you can concentrate on what's important -- preparing to move into your new home, saving money, or making plans for your home equity line of credit.

There are four main steps involved in getting a loan. You will see that I have made your part in them as easy as possible, and I do all the work! That's what I am here for.

Step One: Determine How Much You Can Borrow
This is determined by a few things: How much of a monthly payment can you afford? 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 my blog site. I will also help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, I will 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 supply information about your employment, your assets, your residence history, and so on. I get your permission to look at your credit report. When I review all this information, I will actually get our pre-underwriting decision engine to "pre-approve" your loan, and I give you a Priority Buyer Letter (pre-approval letter). Handle it with care -- to a home seller, it is like a suitcase full of cash! Your realty agent will use your PBL to make the best offer on the home you choose, and the seller knows you are pre-approved. It gives you buying clout! While you are picking out the home that is right for you, I are busy finding the loan that is right for you.

Step Three: Apply Now! It's Easy!
Complete your loan application now. Even if you do not find your dream home for a few months, I can update everything in your file very easily, and you only have to do the application once. You may have to provide updated income or bank statements if too much time passes between the time you receive your PBL (priority buyer letter) and obtain a sales contract. The application process could not be easier, you can apply right at my Wells Fargo site at wwwl.patstangmortgages.com. When the time is right, I will order an appraisal of your new home.

Step Four: You are a New Homeowner!
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 is has completed the underwriting process and is approved. I will coordinate with the escrow company to make sure all the papers your lender will need are in order, and you will sign everything at the escrow/title company's office.

You have answered a few questions, given me some detailed information, applied online, and next thing you know, you are moving in!

I am in the business of mortgage loans -- so I do most of the work. Doesn't that make sense?