An overview of the loan process - Solarus Lending Group

An overview of the loan process

Make no mistake, there's a lot involved in getting a mortgage loan. You wouldn't be here on our website if you could fill out a one-page application and get the best loan for you funded the same day. What we do is most of the heavy lifting for you, so you can concentrate on what's important -- preparing to move into your new home, saving money, or making plans for your home equity line of credit, resting easy konwing you're gettnig the absolute best loan available for you!

There are four main steps involved in getting a loan. You'll see that we've made your part in them as easy as possible, and we do all the work! That's what we're here for.

Step one: Determine how much you can borrow

This is a function of a couple things; How much of a monthly payment can you afford and how most importantly, how much you're comfortable borrowing? And given your unique credit and employment history, income and debt, and goals, how much we can approve your loan for? The first part you can get a rough idea of by using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. Based on standard generally accepted guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.

Step two: Get "Pre-Approved" for your loan

This is where the rubber meets the road and you save the most money. You supply information about your employment, your assets, your residence history, and so on. We get your permission to run your credit report. When our underwriters review all this information we give you a "PRE-APPOVAL" letter.

Handle it with care -- to a home seller, it's like a suitcase full of cash! Your Real Estate Agent will use your Pre-Approval to make the best offer on the home you choose, and the seller knows you're already "Approved"... the money is as good as in the Bank!

It gives you buying clout! And while you're picking out the home that's right for you, we're busy making sure the financing piece is running smoothly and as planned.

Step three: Satisfy any remaining conditions~ We make it easy

Once you've made an offer and it's been accepted, it's time to gather/ finish satisfying any remaining conditions, things like; appraisals, insepctions, signed purchase documents, addendums etc. It couldn't be easier, and you can do it online, right here at our website. When the time is right, we'll order an appraisal of your new home.

Step four: your loan is funded

Your Real Estate Agent and the seller's will work together to designate a Title Company to handle the closing (signing) of your loan when it's scheduled to close. We'll coordinate with the Title company to make sure all the papers you and the seller will need are in order, and you'll sign all of your "closing docs" at the Title company's office.

You've answered a few questions, given us some detailed information, applied online, and next thing you know, you're moving in! We're in the business of mortgage loans -- so we do most of the work. Doesn't that make sense?

Equal Housing Lender; SOLARUS Lending Group 2008; Utah Dept. of Commerce, Division of Real Estate Lic# 680588-MDBA; California- Dept. of Corporations under the California Residential Mortgage Lending Act, Lic#813F497; Idaho Dept of Finance, #MLB-6863; Nevada Mortgage Lending Division, Dept. of Business and Industry #349 PRMI, New Mexico- Regulation and Licensing Dept., Financial Institutions Division, Lic# 00621