The Loan Process
A Step By Step Guide
The Initial Call
Welcome to Loans by Grace, your dedicated partner in achieving your dream of homeownership. Our process begins with an initial consultation, conducted conveniently via Zoom or phone, where we delve into your specific home purchase goals.
We prioritize addressing all your queries and offering a comprehensive overview of general loan requirements during this crucial conversation.
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Furthermore, our team conducts an initial prequalification assessment to provide you with a preliminary estimate of the price range you may qualify for.
Together, we evaluate your readiness for the next phase: completing a loan application. If you're not yet prepared to take that step, fret not; we can continue our dialogue and focus on strategies to enhance your credit or income for the future.
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Understanding that each client is unique, and the journey towards homeownership varies, at Loans by Grace, we customize the loan process to align with your preferences and desired timeframe for your home purchase. Your comfort and preparedness are our top priorities.
The Mortgage Application
Convenience and flexibility are the cornerstones of our service at Loans by Grace.
Initiating your loan application process is easy – we promptly provide you with a secure link to our website, granting access to a dedicated portal where you can seamlessly input your loan information. Each step of this process is meticulously tailored to your specific needs and preferences.
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We understand that not everyone prefers online applications. For those seeking a more personal touch, our team is available to assist with a phone-based application. Should you encounter any challenges, don't hesitate to contact us. We can schedule a phone appointment to gather the necessary loan information on your behalf. Your convenience is our priority, and we are committed to ensuring that the loan application process is as smooth and accommodating as possible.
Receiving A Pre-Approval
The Prequalification:
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Once your loan application is received, our dedicated team promptly verifies the provided data and seeks your permission to initiate a credit check. However, we understand the importance of feeling in control of the process. If desired, we can offer an upfront analysis without running your credit.
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Our team then springs into action, providing a comprehensive view of your financial landscape. Within a swift 24 to 48 hours of receiving all necessary documents, we'll present you with a precise price range, tailored loan options, and a detailed breakdown of all costs. Rest assured, if we encounter an incomplete file, we'll promptly reach out via phone and email to gather the necessary details.
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The Pre-Approval Letter:
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To secure a pre-approval letter, we meticulously confirm several crucial factors. We conduct a thorough review of your complete income, assets, and credit documents, ensuring no detail is overlooked. Based on this comprehensive assessment, we provide you with a pre-approval letter, signifying our diligent calculations of your initial income, verification of employment, thorough credit check, and scrutiny of asset documentation.
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But we don't stop there. We take it a step further by subjecting your loan to our advanced automated underwriting system. This system ensures you receive an approved eligible loan recommendation, further bolstering your homebuying journey. It's essential to note that during this phase, it's advisable to avoid incurring new debt or making significant employment changes while actively searching for your new home. This helps maintain the integrity of your pre-approval status.
Now The Fun Part Begins!
Embarking on the journey to find your dream home is an exhilarating part of the home-buying process. At Loans by Grace, we've forged a network of trusted and experienced real estate agents eager to accompany you on this exciting journey.
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As you explore various properties and uncover homes that resonate with you, our team remains readily available to assist. Simply reach out to us, and we'll continue our discussions regarding your loan options. Our commitment to your convenience means we can provide real-time information on rates, payments, and terms that seamlessly align with any offer you're considering.
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Rest assured, your homebuying experience is a collaborative effort, and we're here to ensure your financing perfectly aligns with the home of your dreams.
Escrow-What To Expect
After successfully entering into a contract, our next step is to thoroughly review the loan terms with you and provide a formal estimate, commonly known as a "loan estimate." This document serves as a crucial tool for your understanding and decision-making.
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With the loan estimate in hand, you can carefully review the proposed loan terms, enabling you to make informed decisions regarding your preferred rate and program. Once you've made your selections, we proceed to lock in your chosen rate. This pivotal step ensures you can confidently initiate the escrow process, knowing that your rate is secured and protected throughout the transaction.
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Our commitment is to provide you with clarity and peace of mind throughout the loan process, and locking in your rate is a key component of that commitment.
Underwriting & Approval
At this stage of the loan process, our mortgage lender conducts a meticulous evaluation of your application, carefully assesses the property, and thoroughly reviews all supporting documents. This comprehensive examination culminates in the issuance of a formal conditional loan approval.
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This conditional approval is a significant milestone on your path to acquiring your dream home. It signifies that, subject to the completion of specific conditions and requirements, you are on track to securing the loan necessary to turn your homeownership dreams into reality.
Our team remains dedicated to guiding you through this phase, ensuring all essential steps are taken to secure a successful loan approval. Your homeownership goals are our top priority, and we are here to help you achieve them.
