The Loan Process
1. Prequalification
The term "prequalification" describes how much you can afford in terms of a loan using a mathematical equation. You can apply for pre-approval by visiting our Pre-Approval Application on our website or by calling Jeremy Leggett at
601-899-0115. We offer prequalifying loans in as little as 5 minutes.
2. Apply for a loan
You won't find a more convenient way to apply for a home loan than with Jeremy Leggett. If you prefer, we can take your loan application over the phone, which usually takes less than 15 minutes to complete, or we can arrange a convenient time for you to meet with one of our professionally trained Loan Officers.
You can start an application online here if you prefer. It's quick, easy, and secure. You can also print the very loan application the Loan Officer uses for your private completion.
3. The Processing Of Your Loan Application
This is accomplished by verifying information as a part of loan processing. Jeremy will contact you shortly in order to review the information contained in your loan application. In most cases, the Processor will request three items for verification:
- A year-to-date P & L if you are self-employed or your last two pay stubs
- The last 2 W-2 forms you have filed for yourself and/or your corporation (if requested)
- If you have money in an institution (checking, savings, investment, 401k, etc. ), you should have received two statements in the mail in the last two months.
You will soon have your credit report and an appraisal on the property ordered by the processor while this information is being collected. We also need a copy of the purchase contract if you are purchasing this new home.
4. Appraising Your Home
During a mutually agreed time, the appraiser (your Real Estate Agent if you're searching for a new home) will spend 15 minutes exploring the inside of the house to determine whether it will qualify for financing. In order to estimate the value of the subject property, the appraiser will inspect "comparable" properties, i.e. counterparts with the same type of building and lot size, that have recently sold within the preceding 6 months.
5. Underwriting
Underwriters can simply be thought of as the brains behind a lender. An approved loan or a rejected loan is determined by them. In the event that your loan application is not accepted under the terms you have applied, then you may be given a counteroffer. An underwriter may offer a 30-year fixed-rate mortgage instead of a 15 year fixed rate mortgage if, based on your other debts and income, the larger monthly payment would be too taxing.
6. Closing
Our office or the title company of your choice normally conducts closings. Closers contact you usually 24 hours before closing to make sure that your Real Estate Agent, your insurance agent, and your title company have coordinated everything properly.