How the Loan Process Works

Shopping for a mortgage? We can help! Give us a call at (408) 292-5000. Want to get started? Apply Now.

No doubt, there is a lot to do in order to get a mortgage. You wouldn't be visiting our site if you could complete a one-page mortgage application and get an excellent loan check cut the same day. But Home Ownership Financial , Inc does the heavy lifting so you can concentrate on your life rather than the mortgage loan.  


Step One: Gather Information and Documentation

There are a few things you will need to consider when starting the process.  How much of a monthly payment are you comfortable with? How much do you have available for a down payment and closing costs?  You will also need to gather some information.  Have income documentation from the past 2 years as well as current pay stubs available.  You will need your full employment history for the past 2+ years as well as you residence history for 2+ years.  If there are any special circumstances that may affect your loan, such as prior credit issues, time out of work, etc, please be sure to discuss these with your loan specialist.


Step Two:  Pre-Qualify

Apply now!  We make it easy!  This step is where Home Ownership Financial , Inc will begin to save you time. You will provide information on your employment, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We get your permission to run your credit score and report.  After we've finished reviewing your information, we'll provide you with a pre-qualification.  It is a great tool for buying your new home!

Step Three: Find Your Home

With the pre-qualification information, your REALTORĀ® or sales agent can assist you in locating the prefect home within your budget. While you're picking out your new home, we are looking for the best loan program for you.  Once you have found a home you like, your REALTORĀ® or sales agent can send us the information on that home so that we can proceed to the next step. 


Step Four: Pre-Approval

Once you have found a home you like, we can use that information to submit to a lender for an official pre-approval which you can present to the seller along with your purchase offer.  A pre-approval lets the seller know that you are qualified and ready to move forward.  It couldn't be easier, and you can apply online, right here on our site.

Step Five: Loan Conditions

After the seller has accepted your offer and you have been approved for residency by the park, we'll order a professional appraisal on the home and collect the necessary loan conditions as requested by the lender.  These typically include the appraisal, formal verifications of income, employment, residency, down payment, etc.  Once all of these items have been cleared by the lender, we can order the closing documents.

Step Six: Signing

Once the loan conditions have all been cleared, we will request that the lender prepare and send the final loan documents to the escrow company in preparation for signing.  You will make an appointment to go in to the escrow office to sign the final documents, as well as titling documents, and bring in a cashier check (or arrange for a wire transfer) for your closing funds, including the down payment and any cash closing costs that are due.  The documents be sure to bring your photo ID for any documents that need the services of a notary. 

Step Seven:  Closing

After signing, the loan documents will be sent back to the lender via overnight delivery for review.  The lender will review the paperwork to make sure that it was signed correctly and that everything is in order.  At this time, they may ask for a few additional items of titling paperwork or to update the loan file and insure that they have the most up-to-date documentation in their file at closing.  They typically require a phone interview with the borrowers at this time.  Once the funding items are in and cleared, the lender will release funds in the form of a wire transfer to the escrow company.  Once the wire is received, the escrow company will follow their normal procedure for closing the escrow.  After the escrow closes, your REALTORĀ® or sales agent can arrange for you to get the keys to your new home! 

Just answer a few questions, give us detailed information, apply online and, before you know it, you'll be moving in!  We take care of the mortgage legwork so you can spend your time finding and preparing to move into your new home!

Have questions about the loan process? Call Home Ownership Financial , Inc at (408) 292-5000. We answer questions about the loan process every day.