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The Mortgage Loan Process
When you make a mortgage decision, we know it is not just simply a loan. It’s one of the biggest investments you will make during your lifetime. Even if you have done it several times you can still find the process complicated and intimidating, particularly when it comes to getting a mortgage loan. If you understand the steps required to qualify for a mortgage loan, however, you can minimize the likelihood of frustration and confusion.
Three steps of the loan process:
1. Determine how much you can borrow
Call or email Tom Norris Loans to discuss your financial goals and individual situation with one of our experts. After listening to your needs and goals, your loan consultant will need some information from you, such as credit history, estimated value of the property, your home’s equity or your available cash for a down payment. We give our customers honest, expert advice and the education to understand the various programs and terminology. Once we have this information, your loan consultant will begin to customize a program and rate exactly right for you. Our loan specialists have variety of loan programs to fit any and all of your lending needs. Based on the information collected and your credit report, your consultant will give you a customized loan program and rate you will most likely qualify for. Armed with this information you can go house shopping in the price range that you will most likely qualify to borrow.
2. Apply for your loan
All lenders require an actual loan application. In addition to an application, your loan consultant will request financial documents, such as W-2 forms for 2 years, pay stubs and bank statements for asset verification. Other information, 
such as your credit history, will be obtained directly from the credit bureau. If you are selling your home, a loan consultant will set an appointment for an appraiser to meet you in order to assess the value of your home. In the case of a purchase, other inspections may also be done, but are separate from the appraisal for the loan. (Click here for list of documents that may be requested.)
Sometime before your loan documents are drawn, your loan consultant will "lock in" a rate for your loan. The purpose of the lock is to ensure you receive your loan at the "locked-in" rate (provided the loan closes before the lock period expires), even if rates are higher at the time of funding. This lock-in can be offered at the time of application, upon approval or anywhere in between.
With your application now complete, your loan consultant will notify you when your loan is approved. At this time, an appointment will be made for signing the loan papers.
3. Your loan is funded - Sign loan papers
During the processing and/or "underwriting" period, your credit, assets, income and other determinants are checked and compiled. Your real estate agent and the sellers will work together to designate an escrow/title company to handle the funding of your loan once it's approved. We will coordinate with the escrow company to make sure all the papers your lender will need are in order, and you will sign the papers at the escrow/title company's office.