What to Expect (Loans aren’t Scary)

A Simple Process

The process of getting a loan shouldn’t ever be confusing or intimidating. It’s actually quite Simple, and at Loan Simple we keep it this way. Here are the steps to getting your loan from Application to Closing.

Step 1) Application:

The application phase is the beginning of the Loan Process. At this stage you’ll pick your loan and your rate. You’ll also begin to gather your financial documentation, and credit will be pulled. All of this documentation is kept confidential and a Loan Advisor will be assigned to you in the event you have any questions or concerns.

Step 2) Underwriting:

Your application will be submitted to the Underwriting Division of Loan Simple. Underwriting sounds very menacing but we assure you that it is not. The Underwriters job is to just review the documentation you’ve submitted to ensure it meets the requirements of the loan you’re applying for. At Loan Simple they love to say, “YES”.

Step 3) Approval:

Once Underwriting has finished the review of your application they will issue an Approval. This is a commitment from Loan Simple to issue a mortgage based on your request and documentation that has been reviewed. If you’ve already found a home than an appraisal may or may not have been ordered at this point. If it has been provided then the Underwriter will have reviewed it. If not, an appraisal will need to be completed and submitted to the Underwriting division for review. In some case you may be asked for additional documentation depending on what you submitted.

Don’t’ Worry…..Your Loan Guide will be there to answer any questions you may have and even can help take care of most of these steps.

Step 4) Closing:

A closing will be scheduled based on both your availability and any specific dates set forth by the Realtor or a Closing Attorney. Your Loan Simple Advisor will also be available during the closing in the event you have any questions or concerns. All the important documentations will be sent to you 24hours prior to close to ensure that you and your Loan Simple Advisor have time to go through it together. Your Loan Simple Advisor is your advocate and is there to help you through every step of the process.

The Simple Truth

There are some steps that you simply must take when applying for a loan because in the end you’re borrowing money. However, the process shouldn’t be difficult or confusing. It should be simple and painless. With Loan Simple we recognize that getting your first home should be a time of excitement. We assign a Loan Simple Advisor to each applicant to make certain that you have an advocate to help guide you through our super simplified Loan Process.

We’ll make sure you get the best possible options available on the market, and will even make sure it’s fun.