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PROCESS

Understanding the Loan Process in Houston, TX

When you are taking a loan, you should know all the steps in the process.

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Experts at Champions Mortgage took some time and made a quick step by step loan guide that will help you understand it better. However, if at any moment you feel confused or need further explanation, don’t hesitate to call us.

Champion Mortgage professionals will gladly guide you through every step of the way.

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Pre-Qualification

Experts at Champions Mortgage took some time and made a quick step by step loan guide that will help you understand it better. However, if at any moment you feel confused or need further explanation, don’t hesitate to call us. Champion Mortgage professionals will gladly guide you through every step of the way.

When approving homebuyers, mortgage companies look into two essential factors:

  • The borrower’s willingness to repay the loan is determined by examining how the property will be used.
  • The borrower’s ability to repay is verified by the current employment and total incomes.

As a person that is applying for a loan, you should know that no rule is set in stone. Every application is handled on a case-by-case basis. When you want to get more information, contact Champions Mortgage, and obtain every piece of information you need.

Get to Know Mortgage Programs and Rates

Picking the right type of mortgage will depend on your plans for the future. Think about how long you want to keep the loan. If the plan is to sell the property in a few years, an adjustable or balloon loan will make the most sense. Those that will keep the property for a long time should consider a fixed loan. For further explanation, you can check out Loan Programs on the Champions Mortgage website and learn everything you want to know.

However, going over all the programs, different points, rates, and fees can be not only stressful but time-consuming as well. Call Champion Mortgage, and get professional evaluation and recommendation. Our experts will give you all the additional information you didn’t get on our website, and we will make sure that in the end, you can make an informed decision.

The Application

With the application, you will truly start the loan process, and this occurs between the first and fifth day of the beginning of the process. With our help, you will quickly fill out the application and obtain all the required documents. Champions Mortgage experts will talk you through the various fees and closing cost estimates, while you are deciding on a mortgage program. All of these costs will be verified by the Good Faith Estimate (GFE) and a Truth-In-Lending Statement (TIL) that you, as a borrower will receive shortly after you submit the application to the lender.

Processing

When the application is submitted, the processing of the mortgage begins. Processors will order the Credit and Title report as well as the appraisal. This way, all the information on the application, like bank deposits and payment history, will be verified. If you want to know more about credit report, credit, and foreclosure, make sure you check out the Champions Mortgage website. There we explained mortgage basics in the way everybody understands them.

How to Improve Your Chances of Getting a Loan

Depending on the financial situation of the borrower, sometimes additional documentation might be required.

If you want to improve your chances of getting a loan approved you should:

  • Fill out the application accurately
  • Respond quickly to any requests regarding additional documents
  • Don’t move cash into or from your bank accounts without a paper trail
  • Don’t make a major purchase until your loan is closed.
  • If you have to go out of town around a closing date, make sure you have signed a Power of Attorney.

Closing Time

When your loan is approved, the file is transferred to the closing and funding sectors. The funding department then notifies the broker and closing attorney about the approval and verifies broker and closing costs. Then the attorney will schedule a meeting where the borrower can sign the loan documentation.

At the closing you should:

  • Bring a check for your down payment and closing costs. Keep in mind that personal checks usually are not accepted; that’s why you need cashier ones.
  • Go over the documents. Check to see if the interest rate and loan terms are what you agreed upon. Also, make sure that names and addresses on the
    documentation are accurate.
  • Bring ID and proof of insurance
  • Sign the documentation

When everything is done, the attorney will return the documents to the lender, who will arrange for the funding of the loan after examining them. When the loan is founded, the attorney will arrange for the mortgage note and deed of trust to be recorded at the county recorder’s office. When the mortgage is recorded, final settlement costs are printed on the HUD-1 Settlement Form, and the final disbursements are made. Is this whole process put simple enough? If you have any questions or dilemmas about any step in the process, make sure you call Champions Mortgage. We are here to lend you a helping hand and make sure you become a homeowner without a fuss.

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