Confused about the loan process?

We can help. Although we offer many different types of financing to best fit your needs, the underlying loan processes are the same. Here's a brief description of what you can expect.

1. Pre-Qualification
After initial contact is made with our loan officer, the first step is a pre-qualification. Our loan officer gathers information about your liabilities and assets and aids you with a financial determination about what kind of home you can afford. Our loan officer will then make sure you get a quote for each type of loan you are eligible for.

2. Application
Next you will meet with our loan officer to complete a mortgage loan application. This is the beginning of the loan process, and the application supplies all of the required documentation needed for processing. (For a copy of the application, click here.) During this process, different fees and down payments are discussed, and you will receive a Good Faith Estimate (GFE). This document itemizes the rate and associated costs for obtaining the loan. The following items are needed from you at the time of application:

• Your most recent account statements, including all pages (Checkings, Savings, Investment, Retirement/401K)
• Paystubs from the most current 30 days of employment
• Homeowner's Insurance agent's name and phone number
• Application deposit
• If self employed, 2 years of tax returns
• If you are purchasing a home, a copy of the Purchase Agreement

3. Processing

After the application is taken, the loan will be processed. Your processor reviews the credit report and verifies your assets and liabilities, and requests many other documents that are needed to close your loan. The processor makes sure you have an appraisal, title commitment, proof of homeowner's insurance, and flood certification. The processor then puts the information into an entire package to be underwritten.

4. Underwriting
The underwriter is responsible for determining whether the combined package submitted by the processor is deemed as an acceptable loan. If more information is needed, the loan is put into "suspense" and the processor may contact you about providing more documentation.

5. Pre-Closing

Once we resubmit any additional documentation the underwriter might require, your loan receives final approval. Any approval contingencies are met and we will contact you about scheduling a closing time.

6. Closing
At the closing, U.S. Home Mortgage supplies the capital needed to close purchase, refinance, and new construction transactions. This is the point at which the borrower finishes the loan process and receives the keys to their new home!