Loan Process

The Loan Process Step by Step:

Step 1: Get Pre-Qualified: Get Pre-Qualified: This can be done by either filling out our secure form or calling us at 208-388-0500 for a quick phone conversation. During this process, you will get an estimate of how much you qualify for and what the monthly payment and cash-to-close requirements will be.

Step 2: Get Pre-Approval: After prequalification, you will be asked to provide documentation on your income, employment, assets and possibly credit. At this stage, your loan application will be analyzed by the automated underwriting system and once approved we can issue a loan approval letter. Beware that your income, employment, credit, and assets will need to be re-verified prior to closing your loan. It’s wise to avoid making any major changes without discussing them with your loan officer first.

Step 3: If Purchasing, Begin the Home Search: A realtor will then help you start searching for a home. At your request, we are happy to provide free referrals to top agents who understand the VA home buying process. When you find a home you like, the negotiation process begins. Once you are under contract, the loan processing phase begins.

Step 4: Loan Processing: Once your offer is accepted you will work with your lender to update your files with more current documentation. If purchasing, you may choose to have a home inspection as well. Your lender will order an appraisal as part of the process and an underwriter will review everything to make sure your application meets the guidelines set forth by the loan program. Working with a lender who has authority from FHA, VA, Fannie Mae or Freddie Mac to underwrite loans will expedite the process. Keeping the loan local has advantages as well due to the relationships and contacts we have with appraisers, title companies, insurance agents and local realtors.

Step 5: Closing: After meeting all of the loan requirements, both buyer and seller will utilize a third party settlement service such as a Title Company to close the transaction. Your loan will fund and keys will change hands.

Call (208) 388-0500 to Learn More or Click Below to Apply Now!




Warning: What Not to Do When Applying for a Mortgage

To avoid delays in closing or last-minute problems getting your loan, keep the following tips in mind:

  • Avoid taking on new debt. This includes “same as cash” financing terms like those often offered on furniture or appliances.
  • Avoid changing jobs. Your income and employment will be reverified before your loan funds.
  • Avoid making undocumented deposits or moving money around. All deposits on your bank statements have to be documented.
  • Avoid being late on any of your debt, most importantly your mortgage.

We are here to help you succeed at every step of the way. Whether you want to buy in 3 weeks or 3 years, we are available to help you strategize.

Call (208) 388-0500 to Learn More or Click Below to Apply Now!