The Loan Process
At Distinctive Mortgage, we try to make the loan process as easy as possible. However, getting a loan can take some time. That is why it helps to understand the steps involved.
How much can I borrow?
To determine how much you can borrow, the following questions will have to be answered:
- What is the appraised value of the property?
- How much can you afford in monthly payments?
click here to use our calculator - How much equity is in your property? (if refinancing)
- Your credit history
- How much money you have to contribute towards the down payment and closing costs.
Choose a loan that's right for you.
Distinctive Mortgage offers various loan programs for almost any situation. Learn more about our loan programs and your options. If you have any questions, one of our friendly loan specialist would be glad to assist you.
Applying for a loan
Depending on the loan you chose, you can begin the application process by using our secure online application, apply over the phone by calling one of our friendly loan specialist, or by stopping by our office.
To speed up the application process, please review our Loan Application Checklist
Processing your application
Here is a list of what happens after we have received your application:
- Review your application for correctness and completeness. A loan specialist may contact your for additional information or clarification of information
- Verify application information to insure that all necessary documents have been provided.
- Begin the underwriting process. This step is important because it involves determining if you can comfortably make the loan payments.
- Order and review an appraisal of the property.
Closing
After you've been approved for the loan, the next step it the closing. Here is an overview of this process:
- Meet with the closing agent (usually a lawyer or title agent) to review and sign the settlement sheets.
- Sign all necessary loan documents.
- If you have to pay closing costs, you will provide the certified check or cashier's check during this time.
- You receive the keys to your new home, along with copies of all the closing documents.
