Questions to Ask Your Loan Officer

Loan Officer with Couple

 

Questions to Ask Your Loan Officer

It’s easy to get nervous about something as big as applying for a mortgage. What is not so easy is putting our minds at ease if you’re in the middle of the process and things aren’t going the way you had thought they would. Here is a list of questions you can ask your loan officer before you begin the process to help you prepare for what’s ahead.

 

1. What are the steps and process for getting a loan approval?

To avoid any delays or surprises, be sure your loan officer takes the time to clearly explain the process and the steps from application to closing.

 

2. Interview your loan officer.

Be sure he or she is someone you trust and feel comfortable working with.  Ask about their experience with your loan type. Be sure you explore all the loan programs with your loan officer to determine that you are selecting the best choice for you.

 

3. What are the total fees / costs associated with the loan?

Borrowers pay fees at closing for services provided by the lender and other parties, such as title companies. Be sure you have a full understanding and a breakdown of all costs you will incur from application to closing. You should also be made aware of any out-of-pocket expenses you will have associated with the loan (i.e. appraisal fees, homeowners insurance, etc.)

  • Lenders may also charge discount or origination points. One point is equal to 1 percent of the loan amount. (i.e. on a $150,000 mortgage, one point would be a fee of $1,500 added to your closing costs.) Discount points reduce the interest rate or are used to buy the rate down. They are prepaid interest and are typically tax-deductible. Origination points are fees charged by the lender to cover the costs of originating the loan. Ask your loan officer if this will apply to you.

 

4. When can I lock the interest rate?

Interest rates can and do fluctuate. To prevent risking a higher rate, you can lock in your rate based on the market the day of locking. Locks are based on a set time frame, typically 30, 45, or 60 days.  Shorter term locks typically offer the best pricing.  Because the rates can change daily based on market, it is always your decision when to lock in your rate. Ask your loan officer about how you can lock in the best rate.

 

5. Is there a prepayment penalty on this loan?

Be sure you ask up front if your loan has a prepayment penalty.  Some lenders charge a penalty if you prepay on the mortgage. Some apply only when you refinance or reduce the principal balance by more than a certain percentage.

 

6. What is the minimum down payment required for this loan?

Be sure to explore your options regarding down payment.  The bigger down payment might mean a lower interest rate and better loan terms. With a down payment of less than 20 percent, you will likely have mortgage insurance (PMI) that will either increase your monthly payment or your rate.  By exploring your options you may also find that there is a program that will allow you to not have to make a down payment and keep those funds for reserves.

 

7. What documents will I have to provide?

Your loan officer should be able to provide you a list of required documents.  Understand the documents requested are required per federal lending guidelines and the sooner you provide those documents to your loan officer, the better they will be able to direct you.  Most Lenders require proof of income and assets, including bank statements, tax returns, W-2 statements and recent pay stubs.  More may be required based on your individual situation.

 

8. How long will it take to process my loan application?

There are a lot of moving parts to getting a mortgage from application to closing.  The timeframe can vary based on the type of loan program and all the parties involved responding to requests in a timely manner.  Purchase offers are typically written with closing dates anywhere from 30 to 60 days from accepted offer date.  As soon as you have an accepted offer, be sure you are notifying your loan officer right away to keep things rolling.  Your loan officer should be able to provide you an estimated time line along with frequent updates on status so you know you are on track for closing on time.

 

9. What can I do to ensure a timely closing?

Keeping your loan officer informed that you are writing an offer and provide updates until the offer is accepted.  Responding to your loan officer in a timely fashion is important. Asking what else you can do to keep the process moving along can help things go more smoothly.

 

10. What might delay approval of my loan?

Be sure you are up front with you loan officer, one of the things that can slow the process is when information is uncovered that was not known at the time of application.  If a job change, a decrease in salary, a new debt, a change in your credit history, or a change in marital status happens during the loan process, it is imperative that you communicate this with your loan officer as early in the process as possible so they can assist you in avoiding any delays.  The best way to avoid that is to put your financial life in a holding pattern until you reach the closing table.

 

Remember, you and your loan officer are on the same team, working together to get you into your new home as quickly and smoothly as possible.

 

 

Our Mission Statement

Our mission is to be the home financing partner that you trust to serve your family, friends, and community. Through our family of dedicated mortgage professionals, our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty and ethics is the foundation of all of our relationships.

 

About Inlanta Mortgage

Headquartered in Brookfield, Wisconsin, Inlanta Mortgage is a growing mortgage banking firm committed to quality mortgage lending, ethical operations and strong customer service.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac and Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs.

Inlanta Mortgage was recently named a Top Workplace for a third time in 2015. Inlanta has also received the Platinum Million Dollar USDA Lender Award and has been recognized as a Top Mortgage Employer by National Mortgage Professional and a Top 100 Mortgage Banking Company and 100 Best Mortgage Companies to Work For by Mortgage Executive Magazine.

Inlanta Mortgage, Inc. NMLS #1016

Build a Relationship with Your Mortgage Lender

Couple with Lender

Trust: the firm belief in the reliability, truth, ability, or strength of someone or something. Being able to trust your mortgage lender is vital when embarking on the mortgage journey. When you purchase a home, you are making a big investment and securing the right financing can have an impact on your financial future. You are also entrusting someone with sensitive personal and financial information that your loved ones may not even know.

Here at Inlanta Mortgage, our mission is to be the home financing partner that you trust to serve your family, friends, and community. Whether you are purchasing or refinancing, we want you to know we have your back every step of the way. While we want to assist you with all of your mortgage lending needs, we also want to provide you with the tools necessary to choose the right lender for your particular needs and circumstances. Here are some tips on how to build a trusting relationship with your mortgage lender.

 

Choose the Right Lender

Referrals and Testimonials – When choosing a lender, it is tempting to choose whichever has the best rates. This is certainly an important factor in making your decision, but it should not be the sole reason you choose a particular lender. Customer satisfaction should be equally important.

First, ask for referrals from family and friends. They will be able to provide you with trusted information about how good their experience was with their lender. Then, check for testimonials on the Internet. Research the company and the specific loan officer you are looking to work with by visiting their websites, going on social media (e.g. Facebook), and review sites like Google+ and Yelp. To find out what people are saying about Inlanta’s loan officers, visit our website.

Communication – Since you will be working closely with your loan officer throughout the mortgage process, you will want to make sure the loan officer you choose is responsive to your needs and concerns. It is important for you to not feel afraid to ask questions. Open communication with your loan officer will help ease any worries you have throughout the process.

Knowledge –Whether you are brand new to the mortgage lending process or are a seasoned homeowner, your loan officer should be knowledgeable about the process and able to speak with you at your level of expertise. Our Inlanta loan officers are able to provide you the education and guidance you need based on your experience with homeownership.

 

Have an Open Mind

Even if you are a seasoned homeowner, remain open-minded to suggestions from your loan officer during the process. The mortgage world is constantly evolving and even though you may think you are up to date on all of the latest changes in the process, you may learn something new from your loan officer. Inlanta’s loan officers are constantly staying informed on the latest mortgage products, news, and regulations. As part of keeping their licenses current, they also participate in continuing education each year. Take advantage of your loan officer’s knowledge and suggestions during the mortgage process. You’ll find it to be rewarding and informative.

 

Confide in the Professional

Confide in your loan officer about any fears or concerns you have about the process. Many people do not pursue a mortgage because they fear their financial situation will disqualify them from getting a mortgage. However, many loan officers work with a variety of financial situations and are able to guide you on the right path. While all of our loans are subject to credit approval, our loan officers have the knowledge to assess your current situation and give you advice on what you may qualify for. If you need to repair your credit prior to applying for a mortgage, our loan officers are able to provide you with resources that can assist you.

 

Find your local Inlanta Mortgage Loan Officer here.

 

Our Mission Statement

Our mission is to be the home financing partner that you trust to serve your family, friends, and community. Through our family of dedicated mortgage professionals, our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty and ethics is the foundation of all of our relationships.

 

About Inlanta Mortgage

Headquartered in Brookfield, Wisconsin, Inlanta Mortgage is a growing mortgage banking firm committed to quality mortgage lending, ethical operations and strong customer service.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac and Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs.

Inlanta Mortgage was recently named a Top Workplace for a third time in 2015. Inlanta has also received the Platinum Million Dollar USDA Lender Award and has been recognized as a Top Mortgage Employer by National Mortgage Professional and a Top 100 Mortgage Banking Company and 100 Best Mortgage Companies to Work For by Mortgage Executive Magazine.

Inlanta Mortgage, Inc. NMLS #1016

Know Your Home Inspector

couple-with-home-inspector

What to Look for in a Home Inspector

No one wants to buy a home without knowing what they’re getting themselves into. As a buyer, the mystery that comes with not knowing the condition of a home is unnerving. This is why getting a home inspection is essential. It is also important to know your home inspector and their procedures before starting the process.

Questions to Ask a Potential Home Inspector

Before you hire a home inspector, ask them the following questions to help you make the best decision:

  1. Are you a member of a professional home inspector association?
  2. Are you experienced in residential inspection?
  3. How long have you been inspecting homes for?
  4. What does the inspection cover?
  5. Am I able to attend the inspection?
  6. How much will it cost?
  7. How long will it take?
  8. Do you offer any repairs or improvements based on the results of the inspection?
  9. What kind of report do you provide?
  10. How long will it take to receive that report?

Asking these questions will allow you to spot any red flags and help you determine if your home inspector is as good as they claim.

Look for Red Flags

Here are some red flags to look for when asking your home inspector the above questions:

  • Not providing documentation or identification that shows they are a member of a professional home inspector association. While being a member of a home inspector association doesn’t guarantee that the inspector is an expert, it is safe to assume that non-members are not experts.
  • Not providing referrals or work history upon request. If the inspector is unwilling to provide referrals or their related work history upon request, they may not be as qualified or experienced as they claim.
  • An inspector will not let you attend the inspection. It is important for you to attend the inspection. Not only are you able to make sure the inspector is thorough, but you will also be able to address any concerns about the home firsthand instead of after the report has been filed. A good home inspector will let you come on the inspection with them; a great inspector will talk you through it as they inspect each area of the home.
  • The inspector will not let you see a copy of their inspection report prior to the start of inspection. Your inspector should let you see a copy of the inspection report before they begin. The report details everything that will be covered during the inspection, and receiving a copy of it beforehand will allow you to ask any questions or add on specific areas you want to be inspected.

Other Important Information

An average inspection can take two to three hours. You should expect to receive the full, completed report within 24 hours. Not all inspectors make repairs onsite, but if they do, make sure to utilize their services. Finally, the cost of an inspection can vary, but an average range can be from $300-$500.

Make sure your home inspector answers the questions above before you begin, and always take precautions when you notice red flags.
Check out the Department of Housing and Urban Development website for more details on choosing the right home inspector.

Our Mission Statement

Our mission is to be the home financing partner that you trust to serve your family, friends and community. Through our family of dedicated mortgage professionals, our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty and ethics is the foundation of all of our relationships.

About Inlanta Mortgage

Headquartered in Brookfield, Wisconsin, Inlanta Mortgage is a growing mortgage banking firm committed to quality mortgage lending, ethical operations and strong customer service.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac and Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs.

Inlanta Mortgage was recently named a Top Workplace for a third time in 2015. Inlanta has also received the Platinum Million Dollar USDA Lender Award and has been recognized as a Top Mortgage Employer by National Mortgage Professional and a Top 100 Mortgage Banking Company and 100 Best Mortgage Companies to Work For by Mortgage Executive Magazine.
Inlanta Mortgage, Inc. NMLS #1016

The Ten Commandments of Mortgage Lending

Ten Commandments of Mortgage Lending

Are you buying a home? Here are the ten commandments of mortgage lending to ensure a smooth mortgage loan process.

  1. Thou Shall Not  change jobs or become self-employed
  2. Thou Shall Not  originate any new inquiries on your credit report
  3. Thou Shall Not  buy a car, truck, or van unless you plan to live in it
  4. Thou Shall Not  use your credit cards or fall behind on your payments
  5. Thou Shall Not  spend money you have saved for your down payment, get a gift for closing, or take out a retirement loan without first consulting your mortgage banker.
  6. Thou Shall Not  buy furniture before you buy your house.
  7. Thou Shall Not  make any large deposits into your bank account unless you plan on documenting that deposit and origin of the money (i.e. anything that is not payroll related)
  8. Thou Shall Not  change bank accounts.
  9. Thou Shall Not  co-sign for anyone.
  10. Thou Shall Not  purchase ANYTHING until after closing.

Contact a licensed Inlanta Mortgage loan officer to learn more about the mortgage loan process, available loan programs and current mortgage rates. Use our branch locator to find a loan officer near you or apply today and we will forward your application to a loan officer in your area.

About Inlanta Mortgage

Headquartered in Brookfield, Wisconsin, Inlanta Mortgage is a growing mortgage banking firm committed to quality mortgage lending, ethical operations and strong customer service.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac and Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs.

Inlanta Mortgage was recently named a Top Workplace for a third time in 2015. Inlanta has also received the Platinum Million Dollar USDA Lender Award and has been recognized as a Top Mortgage Employer by National Mortgage Professional and a Top 100 Mortgage Banking Company and 100 Best Mortgage Companies to Work For by Mortgage Executive Magazine.

Inlanta Mortgage, Inc. NMLS #1016

Buying Your First Home?

Buying-Your-First-Home

Are you buying your first home? Here are some things to keep in mind as you embark on the home buying journey.

How Much Can You Comfortably Afford?

The pre-approval process, which involves asset and income verification & credit check, will let you know what you qualify for. What you qualify for and how much you decide to spend are two different numbers. Think about what you are comfortable paying each month and consider any expenses that will come with home ownership (maintenance, etc.). Once you’ve determined what you are comfortable paying, you can focus on homes within your price range.

What Kind of Property Do You Really Want?

Single family, multi-family, condo, co-op, Victorian, Colonial, Cape, split, ranch, cottage, cabin, teepee…home types and legal distinctions are plentiful.  Are you looking to purchase in a specific neighborhood, city or school district? Do you need 3 bedrooms or more? How many bathrooms do you require and is a garage necessary? Narrowing your search will save time and help you to act faster when your perfect home hits the market. An experienced Realtor will take your home amenity wish list, location desire, and price range into consideration when selecting homes to show you.

Where Do You Want to Be and How Long Will You Be There?

You’ll want to strike a balance between buying what you can afford and buying what will accommodate your needs for longer than just the first few years. Assess your plans for growing your family and how your income might grow to match. Planning ahead is especially important in today’s market, when trading up tomorrow may mean both a more expensive home and a higher mortgage rate.

How Does the Process Work?

This is a time when the internet doesn’t have all the answers. The process can vary for many reasons. Generally, the purchase process includes the following:  mortgage pre-approval, offer to purchase, offer acceptance, home inspection, contract, loan application, home appraisal, title review, loan approval/underwriting, then closing/funding, and moving in. Many little steps can fall in between, and the process won’t always occur in a given order.  Find a loan officer near you and who will help you understand the nuances of your market today.

How Much Cash Will You Need To Close?

This information will vary from person to person and is dependent upon a variety of factors. Your loan officer will provide a Good Faith Estimate (GFE) early in the loan process which includes an estimate of closing costs. Before your loan closing you will receive a Settlement Statement (referred to as the HUD-1), which will detail the final closing costs. Note: On October 3rd, the CFPB will require lenders to use different forms. Visit inlanta.com/TRID to learn more about the Loan Estimate and Closing Disclosure (which will replace the GFE and HUD-1).

Ready to Begin the Home Buying Process?

Getting pre-approved for a mortgage loan is your first step! Complete an application online today and we will connect you with a loan officer in your area.

About Inlanta Mortgage

Headquartered in Brookfield, Wisconsin, Inlanta Mortgage is a growing mortgage banking firm committed to quality mortgage lending, ethical operations and strong customer service.

Our mission is to be the home financing partner that you trust to serve your family, friends and community. Through our family of dedicated mortgage professionals our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty and ethics is the foundation of all of our relationships.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac and Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs.

Inlanta Mortgage was recently named a Top Workplace for a third time in 2015. Inlanta has also received the Platinum Million Dollar USDA Lender Award and has been recognized as a Top Mortgage Employer by National Mortgage Professional and a Top 100 Mortgage Banking Company and 100 Best Mortgage Companies to Work For by Mortgage Executive Magazine.

Inlanta Mortgage, Inc. NMLS #1016

Do I Need a Home Inspection?

Do-I-Need-a-Home-Inspection

Do I Need a Home Inspection?

Our customers often asked if a home inspection is required. The answer is usually no, but that doesn’t mean you shouldn’t have one done. A home purchase is a big investment. Having a professional inspector alert you to potential problems can save money and surprises in the long run.

Save Time and Money with Home Inspection

There are other reasons to have a home inspection, too. If the the home appraiser sees an apparent deficiency in the condition of the home, an underwriter may ask to see the related section of the home inspection (sometimes called the engineer’s report). In this instance, having secured an inspection up front can save you valuable time. Additionally, identifying problems early in the process may mean the seller will remedy them prior to sale.

Purchasing a home with the assurance of good condition—or at the least the knowledge of any potential issues—makes for more accurate pricing and cost expectations. Both of these are clearly to your benefit. By comparison, the cost of an inspection is small.

Contact a licensed Inlanta Mortgage loan officer if you have any questions about appraisals! Find a loan officer near you using our branch locator.

Ready to become a home owner? Apply Now!

About Inlanta Mortgage

Headquartered in Brookfield, Wisconsin, Inlanta Mortgage is a growing mortgage banking firm committed to quality mortgage lending, ethical operations and strong customer service.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac and Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs.

Inlanta Mortgage was recently named a Top Workplace for a third time in 2015. Inlanta has also received the Platinum Million Dollar USDA Lender Award and has been recognized as a Top Mortgage Employer by National Mortgage Professional and a Top 100 Mortgage Banking Company and 100 Best Mortgage Companies to Work For by Mortgage Executive Magazine.

Inlanta Mortgage, Inc. NMLS #1016

30-Year Fixed Rate Mortgage

30-Year Fixed Rate Mortgage Loans

Are you ready to buy a home? What type of loan do you choose? The most common type of loan is the 30-year fixed rate mortgage loan. Watch this video to learn more and call a licensed Inlanta Mortgage loan officer to begin your free, no-obligation consultation. Use our branch locator to find a loan officer near you.

Inlanta Loan Programs

In addition to the fixed or adjustable rate mortgage options, a licensed Inlanta Mortgage loan officer can help you determine which specific loan program is best for your situation. Inlanta offers a number of  loan programs including no down payment USDA financing, VA financing, conventional loans, and FHA loans. In addition, Inlanta offers renovation/rehabilitation loan options and the new low down payment options available from Freddie Mac and Fannie Mae (Home Possible® & MyCommunityMortgage®). Contact an Inlanta Mortgage loan officer to learn more about these unique financing options.

Our Mission Statement

Our mission is to be the home financing partner that you trust to serve your family, friends and community. Through our family of dedicated mortgage professionals, our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty and ethics is the foundation of all of our relationships.

About Inlanta Mortgage

Headquartered in Brookfield, Wisconsin, Inlanta Mortgage is a growing mortgage banking firm committed to quality mortgage lending, ethical operations and strong customer service.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac and Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs.

Inlanta Mortgage was recently named a Top Mortgage Lender in 2013 as well as 2012 by Scotsman Guide. Inlanta was also recently named a Top Workplace in 2014 as well as in 2012. Inlanta has also been named one of the “Top 100 Mortgage Companies in America” in 2011, 2012 and 2013 and one of the 50 Best Companies to Work For by Mortgage Executive Magazine.

Inlanta Mortgage, Inc. NMLS #1016, MyCommunityMortgage® is a registered trademark of Fannie Mae, HomePossible® is a registered trademark of Freddie Mac.

15-Year Fixed Rate Mortgage

15-year Fixed Rate Mortgage

Are you ready to become a home owner? 15-year fixed rate mortgages are an attractive option for borrowers who want to pay off a mortgage loan more quickly than the typical 30-year fixed rate mortgage. Watch this video to learn more.

Interest rates are more favorable with 15-year fixed rate mortgages, but the qualification requirements may be more stringent. Contact an Inlanta loan officer to determine if a 15-year fixed rate mortgage is right for you. Use our branch locator to find a branch near you.

Inlanta Loan Programs

In addition to the fixed or adjustable rate mortgage options, a licensed Inlanta Mortgage loan officer can help you determine which specific loan program is best for your situation. Inlanta offers a number of  loan programs including no down payment USDA financing, VA financing, conventional loans, and FHA loans. In addition, Inlanta offers renovation/rehabilitation loan options and the new low down payment options available from Freddie Mac and Fannie Mae (Home Possible® & MyCommunityMortgage®). Contact an Inlanta Mortgage loan officer to learn more about these unique financing options.

Our Mission Statement

Our mission is to be the home financing partner that you trust to serve your family, friends and community. Through our family of dedicated mortgage professionals, our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty and ethics is the foundation of all of our relationships.

About Inlanta Mortgage

Headquartered in Brookfield, Wisconsin, Inlanta Mortgage is a growing mortgage banking firm committed to quality mortgage lending, ethical operations and strong customer service.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac and Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs.

Inlanta Mortgage was recently named a Top Mortgage Lender in 2013 as well as 2012 by Scotsman Guide. Inlanta was also recently named a Top Workplace in 2014 as well as in 2012. Inlanta has also been named one of the “Top 100 Mortgage Companies in America” in 2011, 2012 and 2013 and one of the 50 Best Companies to Work For by Mortgage Executive Magazine.

Inlanta Mortgage, Inc. NMLS #1016, MyCommunityMortgage® is a registered trademark of Fannie Mae, HomePossible® is a registered trademark of Freddie Mac.

How Does the Mortgage Loan Process Work?

Mortgage Loan Process

How does the mortgage process work? From the minute we receive your application until your closing date (that’s when you get your keys!), we are here to help you. Here is a little more information on what to expect during your mortgage loan process.

BEGINNING THE MORTGAGE PROCESS

The first step in the mortgage process is to submit an application and authorize a credit check. You can submit an application securely online or in many cases, our loan officers will take an application over the phone. Find a loan officer near you using our branch locator or submit an application now and we will connect you with a licensed mortgage professional in your area.

Verifying documents is absolutely essential to the mortgage loan process. It is generally best to submit these materials at about the same time you submit your application to ensure a quick and smooth mortgage loan process. Required documents include 2 years W2’s, 2 paystubs, 2 bank statements. Your loan officer will explain what documentation is needed after you submit your application, but here is a more detailed list of required documents for your convenience.

After you have submitted your application and the required documentation, you may be pre-approved for a mortgage loan. Read more about the importance of pre-approvals.

PROCESSING YOUR MORTGAGE LOAN

The mortgage loan process will move forward once you select a property to purchase, submit an offer to purchase letter and received a signed purchase agreement from the seller. Your Realtor will assist you with this stage, but it should move smoothly since you have already been pre-approved!

Once the purchase agreement is received and we have received your written consent to proceed with the mortgage application, we will order an appraisal to determine the property’s market value for financing. Appraisals are performed by qualified independent real estate appraisers, typically after your purchase offer is accepted by the seller. Read more about appraisals here.

In addition to the appraisal, we will select a closing company to research the property title. An abstract will be completed to determine the legal owner of the home and whether there are unpaid taxes, liens, etc.  Meanwhile, our team of experienced processors will be verifying all the documentation you submitted regarding debt, income and assets.

THE LOAN COMMITMENT LETTER – FINAL MORTGAGE APPROVAL

Our experienced underwriting team has the privilege of making the final decision regarding your loan approval. Underwriters evaluate all the information and make sure it aligns with your specific loan program guidelines. If all the required documentation has been received and no conditions are outstanding, a loan commitment or final approval is issued.

Our closing department will be notified of the underwriters’ final approval and begin assembling your loan closing documents, including the  HUD 1 Settlement Statement. The HUD 1 Settlement Statement details all final numbers, showing the breakdown of costs and money needed at closing. Our experienced closing department will require your proof of homeowners insurance before a closing appointment can be scheduled. You must have one year of homeowners insurance paid prior to closing. Your loan officer can explain the specific requirements for the homeowners insurance binder.

CLOSING YOUR MORTGAGE LOAN

After proof of homeowners insurance is confirmed, a closing meeting is scheduled! You are very close to your dream of homeownership!

You are required to attend the closing meeting along with a representative from the title company. Your Realtor and loan officer are typically present too.  During this meeting all final signatures are acquired and final payments (certified check required) are distributed. And the best part…your will receive the keys to your new home!

OUR MISSION STATEMENT

Our mission is to be the home financing partner that you trust to serve your family, friends and community. Through our family of dedicated mortgage professionals, our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty and ethics is the foundation of all of our relationships.

ABOUT INLANTA MORTGAGE

Last year, Inlanta Mortgage celebrated its 20th Anniversary. Inlanta Mortgage is a growing mortgage banking firm committed to quality mortgage lending, ethical operations and strong customer service.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac and Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin NMLS #1016. Inlanta Mortgage was recently named a Top Mortgage Lender in 2013 as well as 2012 by Scotsman Guide. Inlanta was also recently named a Top Workplace in 2014 as well as in 2012. Inlanta has also been named one of the “Top 100 Mortgage Companies in America” in 2011, 2012 and 2013 and one of the 50 Best Companies to Work For by Mortgage Executive Magazine.

Inlanta Offers Mortgage Pre-Approvals

Mortgage Pre-Approvals

Recent news suggests that banks are abandoning mortgage pre-approvals even though they are an essential part of the home shopping and loan approval process. Don’t fret! You can still get your mortgage pre-approval and piece of mind from Inlanta Mortgage.

Mortgage Pre-Approvals

Mortgage pre-approvals are written commitments that lenders give to home buyers that include the maximum size home loan they can get as well as the likely interest rate. Many buyers rely on pre-approvals to make sure they are shopping for a home within their price range. Since a pre-approval requires a credit check and asset and income verfication – home owners have a more realistic idea of what type of home they can afford.

Mortgage Pre-Approvals Help Home Buyers

Sellers and Realtors® prefer to work with homebuyers that have pre-approval letters. Mortgage pre-approvals indicate to sellers that a prespective buyer is serious. Often times sellers won’t even consider your offer without a mortgage pre-approval letter from a licensed mortgage loan originator!

Mortgage Pre-Approvals Speed Up Loan Process

Since a mortgage pre-approval requires a credit check and income and asset verification, a lot of the same information required for the formal loan approval has already been collected. This can speed up your loan process considerably. Typical documents required for a pre-approval include:

  • Bank statements
  • W-2s
  • Drivers License/Identification
  • Paystubs
  • Proof of IRAs or retirement accounts and their balances

Get Your Mortgage Pre-Approval Today!

Use our branch locator to find a licensed mortgage loan officer near you, or apply online now. If you apply online now, we will match you with a loan officer licensed to originate loans in your state. Begin gathering the required documents now to speed up the formal loan approval process!

Our Mission Statement

Our mission is to be the home financing partner that you trust to serve your family, friends and community. Through our family of dedicated mortgage professionals our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty and ethics is the foundation of all of our relationships.

About Inlanta Mortgage

Headquartered in Brookfield, Wis., Inlanta Mortgage was established in 1993. We are currently celebrating our 20th Anniversary! Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs.

Inlanta Mortgage is privileged to have received a number of awards both locally and nationally. Read more about Inlanta Mortgage’s awards.