Loan Process & Products
What's The Process And Where Do I Even Start?
At Shield Lending Team, we always like to begin the process with a phone conversation between you and Jimmy to allow you to get to know him a bit and to ask any initial questions you may have. Provided everything goes well, we then take our process in three steps. The first step is to complete an application, which can be completed online or over the phone depending on your preference. Either way, it’ll only take about ten minutes and you’ll be asked about your job, income, and any assets. Our second step is the collection of any crucial documents that may help approve you for the best loan programs available. At that time, Jimmy will schedule a full loan consultation with you to review your credit report, your various loan options and suggest what he feels will be best for your personal situation. You can begin that process anytime by calling Jimmy at 720-979-8742.
What Are Some Of The Loan Products That Might Be Discussed?
At Shield Lending Team, our goal is to help educate you on the lending process and to help you better understand what loan programs may work best for you. Depending on your situation, we may explore conventional, FHA, jumbo, VA, USDA or several other loan types that might best fit your needs. Jimmy will go over the pros and cons of each.
Would It Be Possible To Schedule A Time So My Significant Other (or Parents) Could Also Be On The Call?
Absolutely! Buying or refinancing a house is a very big deal and Jimmy wants to make sure that anyone involved in the process, even from an emotional support and/or guidance capacity, has their questions and concerns addressed. Even if it has to be nights or weekends, Jimmy is happy to accommodate.
I've Applied, Now What?
Please start gathering your documentation and items the lender will need to approve your loan. These may include your W2’s, tax returns (specifically if self employed), paystubs, ID’s, information on who you want to use for your homeowner’s insurance, etc. Jimmy will review these items and issue a preapproval letter so you can begin shopping for your perfect home.
I'm Under Contract To Buy A House, Now What?
The good news is, you and Jimmy have done your due diligence up front and we are excited to congratulate you on this huge milestone!
One of the first things you’ll do is deposit your earnest money with the title company, who has been selected by the sellers of the home (don’t worry, you’ll get to pick when you sell the home). You’ll probably want to order your home inspection right away (while YOU order the inspection Jimmy’s team will order the appraisal). Also, once you and Jimmy chat through locking your interest rate, be watching your email for a lot of disclosures (you’ll be receiving real estate disclosures, title disclosures, and time sensitive lender disclosures that will need to be eSigned).
Am I Done Submitting Documentation?
As much as we would love to tell you yes, you aren’t 100% done quite yet. Our initial documentation gets submitted to the lender’s underwriter, who might need clarification from you on some items. We’ll keep you posted if we need anything from you.
Now That I Have Final Approval, What Do I Need To Know?
We’ll review the final numbers with you and the title company will issue wiring instructions so you know where to send the money. When you go to closing, remember to bring two forms of ID, and to stretch your wrist because you’ll leave with writer’s cramp from so much signing. You might want to practice shortening your signature if you write a paragraph every time! However, you’ll also leave with the keys to your house so it’ll all be worth it!
About Edge Home Finance Corporation
Edge Home Finance is a true Mortgage Broker….
Mortgage Brokers are independent, trained professionals licensed to represent and provide you with the best advice for your mortgage needs.
Mortgage Brokers primary expertise is locating funding for mortgage financing. They know where the best rates can be found. What’s more, they have the knowledge required to present a proposal for financing to lenders in the best way possible to successfully obtain mortgage financing.
So Why Deal With A Mortgage Broker Over a Bank?
Mortgage Brokers represent you, the customer, not the lender. Because they are not employees of a lending institution, Brokers are not limited in the product they can offer you. Brokers seek out the best lender package to suit your specific situation, whether it’s with a Chartered Bank, Trust or Insurance Company, or Private Funds.
There is a wide assortment of options and features available to homebuyers today. Shopping around takes a lot of time and effort. The mortgage process within today’s very competitive marketplace intimidates many homebuyers. It pays to work with a mortgage professional who will represent you and ensure the mortgage you get is the one best suited to your needs.
Choosing the wrong mortgage can cost you thousands of extra dollars. Mortgage Brokers are trained professionals who can help you save on your mortgage dollar.
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