The Team Montani Mortgage Process
Though the steps may be the same, you’ll find working with Team Montani on your mortgage radically different.Before your loan officer arrives at your home or office for your first meeting, you’ll receive a comprehensive information packet to help you feel confident and prepared. You’ll know which documents you should have handy, such as income tax forms, pay stubs, and current statements from your bank and broker.
When we sit down to discuss your loan, you’ll find that we ask lots of questions other lenders might not — about your lifestyle, your family, and your overall financial situation:
- For homebuyers, how long are you planning to stay in the house you’re purchasing?
- If you’re refinancing, would extra cash help for renovations or paying off high-interest credit card debt?
- Do you have children and need to plan for college costs?
All this information helps structure a loan that makes the most productive use of your money. Your loan is then submitted for approval. Approved customers are issued an official letter, which serves as pre-approval documentation for the realtor and seller once you’ve found a property to purchase. Appraisals and title work are completed, your closing is scheduled, and there’s just one thing left to do — start enjoying your new home.
Take a look at this brief overview of the loan-application process and see how quick and easy it is for you to become a homeowner.
Step
1
: Determine how much you can borrow.
It's important to find out how much home you can buy, even before you begin looking. As a first step, there's nothing better than knowing all you can about where you're headed. Once you've answered a few simple questions, we'll calculate your buying power, based on standard lender guidelines.Step
2
: Pre-qualify and save.
Start by supplying some brief information about employment, assets, etc. Next we'll contact you for authorization to obtain your credit report.* Once we've reviewed this information, we'll issue a pre-qualification letter, which gives you the clout of an "all-cash" buyer. As you begin looking for a home, we'll begin looking for the best loan to meet your specific needs. Your real estate agent will use your Pre-qualification letter to negotiate the best deal for you. You're off to a great start!Step
3
: Apply now. Getting started is easy.
It's that simple. Once you have selected a property and a contract is in place with the seller, the next step is to meet with a loan officer who will complete your loan application for you, which can be done easily in person or by telephone.Step
4
: Your loan is processed, approved and funded!
Your real estate agent or the seller will designate an escrow/title company to handle the funding of your loan, along with many other factors which make your purchase go smoothly. We will coordinate with the escrow team and you'll sign the final papers at their office.Simple, cost effective, and fast! It's that easy.
*Important Note: Do not allow anyone to obtain free credit reports for you. These reports will have to be obtained later anyway, which may lower your "credit-risk score." This score is extremely important to your overall credit evaluation in the underwriting process for your mortgage loan.
