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La Cantera Loans
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F.A.Qs || Directions Home Loan

What materials do I need to apply for a mortgage?

When an applicant applies for a home loan, he or she must present a number of documents. These items help our team determine whether a potential borrower is qualified to take out a loan, how much he or she can be approved for, and the interest rate assigned in conjunction with the mortgage.

What does the loan process entail?

Qualifying for and using a home loan to purchase real estate involves a relatively simple process. An interested homebuyer first becomes pre-qualified for a specific loan amount. He or she can embark on a home search based on the pre-qualified loan amount. After finding the perfect home and negotiating an agreement with the seller, an interested buyer begins the formal loan application process.

What tips would you suggest to help me qualify for a mortgage?

“There is too much information—and misinformation—on the Internet, and we have seen so many buyers become overwhelmed and confused when trying to research buying a home. My suggestion would be to contact your Loan Officer the moment you start thinking about buying. The mortgage process has become quite complex and having a road map to help you navigate that process is extremely important and will make things much easier for you.

How can you increase your chance of getting a better interest rate on your mortgage?

“The two major contributing factors to your interest rate are your credit score and your down payment. Not all loan programs are equal when it comes to how each of these will affect your rate. For example, a large down payment may help reduce your rate substantially on a conventional loan, while it has very little influence on your rate for an FHA loan. With regard to your credit score, the higher your score, the lower the rate. I always recommend speaking with your Loan Officer and financial advisor before paying down any debts. Simply paying down a balance or paying off a collection may not have any impact on your credit score.

How will I know when my loan is approved?

With an in-house team of processors, underwriters, and closers, your Loan Officer will be up to date on the status of your loan at all times and will frequently communicate with you throughout the loan process. In addition, you will receive five dynamic videos at specific milestones in the loan process that educate you on what is involved in each particular step: Documentation, Appraisal, Underwriting, Clear to Close, and finally, Congratulations—you’ve completed the loan process!

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