Loan Process
The Loan Process can be quite simple if you're working with a professional. Most people today are Pre-qualified to allow them to negotiate better terms on their home purchase and shows prospective sellers that you have taken the appropriate steps toward homeownership.
Start your process with our on-line pre-qualification and a personal meeting with one of our loan professionals to discuss your personal financial situation.
We will ask you many questions to determine the best type of mortgage financing for you and your specific needs. We determine, based on your financial position, the amount of mortgage and payments you qualify for. We also take into consideration the term of the loan, the interest rates available, and your unique financial situation. We will provide you with a letter stating how high of a purchase price you are qualified for. Our small office works together as a team. If your Loan Officer is not available, you are still able to get assistance from another Heritage team member. For your convenience, we are also available nights and weekends.
At the time of application, we will provide you with a Good Faith Estimate showing all the detailed fees you will incur during the process of your transaction. This document is required by the Federal Government and will provide you with an estimate of your closing costs. These costs include origination fees, discount points, escrow and title insurance, impound reserves (hazard insurance and taxes), prepaid interest and other fees associated with your loan. Heritage Financial strongly believes in full disclosure -- if you're being quoted lower closing costs, you may not be getting full disclosure.
Once your loan has been approved, we will contact you, the listing agent and the selling agent. We will send you and any agents involved regular updates on your loan. We believe the better informed you are the better it is for you and the others involved in the transaction. You'll be glad we're your lender!