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Loan Process
You are probably wondering exactly how the loan process works. If you are a first time homebuyer, the experience may seem overwhelming. Some clients have told us their first look at a Good Faith Estimate gave them sticker shock! If you have purchased a house before, you may not remember the process. So, let's take a quick review. (At any time in this explanation feel free to go to the mortgage glossary in this web site to look up any unfamiliar jargon. We work to keep it simple.)
Our team of mortgage professionals is trained to provide you with information to make obtaining the right loan easy. Whether you want a Good Faith Estimate, Pre-Qualification, or Pre-Approval, you can apply from the comfort of your own home or office.
We will gather the proper information from you online or over the phone, and fax or mail the necessary documents directly to you. At www.stearnslending.com, you can check our most recent rates, fees, and closing costs, communicate with our staff through e-mail, submit a pre-qualification application, and apply for a mortgage 24 hours a day, seven days per week. All of our electronic correspondence is secure.
Where do you start?
We recommend getting pre-qualified. This will help you toward finding the right home at a price you can afford. This will also save you time by allowing you to focus on homes in your price range. It can also help you plan for other costs you can expect to pay, such as property taxes, hazard insurance, mortgage insurance, etc. The estimate is not a guarantee to lend and should not be considered the final figure for home affordability, but it will provide you with valuable information. Pre-qualification is fast and free.
Mortgage Calculator
To quickly compute your purchasing power, use our Mortgage Calculators to see how much you can afford. With this calculator you can determine your target price range for purchasing a new home, based on your yearly income and your current monthly obligations.
Apply for Your Loan
It is quick and easy to apply for a loan at Stearns Lending. Simply fill out one of our online applications (all of our electronic correspondence is secure) and email, fax, or simply drop it by one of our branch offices. If you prefer, you can submit your application by telephone at (800) 350-LEND (5363). If you already know what type of loan you are interested in, we can lock your rate in immediately. Your credit report is ordered by Stearns Lending as part of your application process.
Documents You Will Need
You've identified your price range and know the mortgage options that may be right for you. Now it's time to gather all the information and supporting documentation you'll need to apply. Getting ready ahead of time will help the process move along quickly and smoothly.
You have come to the final step in the process, closing. Here are a few things you can do ahead of time to ensure a successful closing:
Fulfill any conditions specified by the underwriter at the time of your loan approval.
Obtain homeowner's insurance. This required insurance protects you against loss or damage due to theft, fire, or certain weather-related hazards. In some areas, it may also be necessary to obtain flood insurance.
Talk with your loan representative about the final estimates of your closing costs. This will give you peace of mind and allow the representative to confirm your final loan amount.
The signing of documents will be handled by the escrow company you or the seller has selected. At the escrow company, you will receive and review some very important documents. This is not the time to be shy! If you have questions about the paperwork, just ask, and if you spot an error, say so. Don't sign the document until the issue is resolved. Check out StearnsEscrow.com.
The escrow company will return the documents to Stearns Lending. A final audit of your loan documents will be administered and, if all documents are found to be acceptably executed, your loan will be funded.
After your loan is funded, the title company will record your loan with the appropriate local county recorder's office. Once your loan has been recorded your keys to your new home are available at the escrow company.
