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How much can I afford?
Our Process Step by Step
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The First Call
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Before you start considering any home purchase, it is better to kick off your journey with a consultation over video call or phone call with us, where we chat about your specific home-buying goals. We’ll answer all your questions, explain the key requirements, and give you a rough idea of what price range you might qualify for. If you are not yet ready to buy, we can explore ways to improve your credit or income so you’re prepared when the time is right.
The Mortgage Application
You’ll receive a secure link to our website, where you can fill out your loan application online. Not into tech? No problem – we’re happy to do it over the phone. Just let us know, and we’ll take care of it!
Getting Pre-Approved
Once your application is in, we’ll verify the details, run a credit check (with your permission), and present a clear picture of your financial situation within 24-48 hours.
This helps you to know exactly where you stand, including discovering your loan options and all the costs involved.
If you prefer an initial review without a credit check, that is an option too.
The Pre-Approval Letter
To secure your pre-approval, we do a deep dive into your income, assets, and credit. We’ll then provide a pre-approval letter showing you’re a solid buyer.
We go a step further by running your loan through our automated underwriting system for that extra confidence.
Just keep in mind, it’s best to avoid taking on new debt or changing jobs while house-hunting – we want to keep your pre-approval in top shape!
The Fun Part – House Hunting!
Now comes the exciting part – finding your perfect home!
We’ve partnered with experienced real estate agents who are ready to help you every step of the way. As you explore different properties, we’ll be available to discuss your loan options in real time, adjusting to any offer you’re considering.
Our goal is to make sure your financing is as perfect as the home you fall in love with.
Escrow and Loan Estimate
Once you’ve found “the one” and signed the contract, we’ll send you a detailed loan estimate to help you choose the best rate and program.
Once you're happy, we’ll lock in your rate, so you can move through escrow with peace of mind. In escrow, a neutral third party holds the funds and documents until everything is finalized.
Underwriting & Final Approval
During underwriting, your application and property are carefully reviewed to make sure everything is in order. Once that’s done, you’ll receive a conditional loan approval, which means you’re almost there!
We’ll guide you through any final steps to ensure everything is in place for a smooth closing.
Congratulations, you did it!
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A toast to your new home, new opportunities, and a bright future in this special chapter.
Documents Needed
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Proof of income like pay stubs, tax returns
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Bank statements that being checking & savings
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Debt information on credit cards & loans
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Identification like driver’s license & social security card
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Detailed income info like pay stubs, W-2s, or tax returns
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Employment verification such as letter from your employer
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Bank statements from the last 2-3 months
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Credit card and loan statements
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Complete income documentation
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Additional debt info on credit card balances, car loans, etc.
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Updated bank statements
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Asset verification like retirement accounts & investments
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Gift letter if someone is gifting funds for the purchase
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No additional documents needed here—just enjoy the home search!
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Homeowner’s insurance information
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Signed purchase agreement
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Rate lock agreement
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Updated income and asset verification if requested
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Any final items requested by underwriting such as updated pay stubs
Client Words
"Buying my first home felt overwhelming, especially with my student loans and a tight budget. I didn’t know if I’d even qualify for a mortgage, but Loans by Grace was there every step of the way. They took the time to understand my financial situation and helped me find options I didn’t know existed, like down payment assistance programs. I truly felt like I had experts in my corner, making sure I was making the best choice for my needs."
- Jennifer Moreno, Richmond, CA
Most Frequently Asked Questions
What exactly Does A Mortgage Lender Do?
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A loan officer is your direct link to the world of mortgages and home financing. They guide you through every step of the process, help you understand complex terms, and take care of the paperwork to make everything easier. Unlike a mortgage broker who shops around for multiple options, a loan officer works with a specific group of lenders to ensure you get the best deal available within that trusted network.
What Documents Are Typically Required for a Mortgage?
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✔ Recent bank statements (last 3-6 months)
✔ Payslips from recent months (typically last 3)
✔ Financial records from the last three years (if self-employed)
✔ Proof of commissions or bonuses (if applicable)
✔ Latest P60 tax form (or equivalent income verification)
✔ Proof of deposit (source of down payment)
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Requirements vary—let us guide you through a smooth application!
What Is a Pre-Qualification?
A pre-qualification is a quick, informal estimate of what you might be able to borrow based on basic financial info you provide—no credit check required. It’s great for getting a rough budget, but it’s not an official loan offer. In competitive markets like the Bay Area, most buyers skip straight to pre-approval, which is more thorough and shows sellers that a lender has officially backed your borrowing amount, making your offer stronger.
What Should I Avoid Doing During The Loan Process?
To keep your loan process smooth, try to avoid big purchases, taking on new debt, or changing jobs. These can affect your application and delay approval.
How Does My Credit Score Impact My Loan Options?
Your credit score plays a role in determining your interest rate and loan options. Don’t worry if you’re unsure about your score—we’ll help you understand your options based on your unique financial profile.
How do I know if refinancing is right for me?
Refinancing can be beneficial if you’re looking to lower your monthly payments, secure a better interest rate, or access equity. Let’s chat about your goals to see if it makes sense for you.
Can I Still Apply if I don’t have a perfect credit score?
Absolutely. We work with clients with a range of credit scores to find the best loan solutions that suit their financial situations.
