Loan Process
Guiding You Through the Mortgage Loan Process
Loan Process
There's a lot involved when you get a mortgage loan. You wouldn't be here on our website if you could fill out a one-page mortgage application and receive the best loan check cut in one day. Let Hawaii Best Loans LLC do the heavy lifting so you can concentrate on your life rather than the mortgage loan process.
Getting a home loan involves four major steps.
A couple of factors determine this amount. How much of a monthly payment can you afford? And given your unique credit and employment history, income, debt, and goals, how much will a lender loan you? Use the calculators on our website to determine your monthly payment amount. And we can guide you to the right loan amount and best program for you when you answer a few questions. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.
This is where Hawaii Best Loans LLC will begin to save you money. You'll supply information on your employment, asset, and residence history. We will pull your credit score and report. After we've finished reviewing this information, we'll provide a pre-qualification letter. Your real estate agent should use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for your new home with your agent, we will find the best program for you.
After you've made the offer and the sellers have accepted, you should apply for the loan. Applying for a loan couldn't get much easier than it already is. You can apply from the comfort of your home right here on our site. When the time is right, we'll order the appraisal of your new home.
The real estate agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to ensure all the papers your lender needs are available, and you'll probably sign everything at their office. We do all the work required with the title company until your date of closing. Because you will not need to worry about these details, you can concentrate on moving, painting, carpeting, and all the moving into other tasks involved in your new house.
You've answered some questions, given us detailed information, applied online, and before you know it, you're deciding when to move in! Hawaii Best Loans LLC is a mortgage specialist, you're not, so we do the work. Doesn't that make sense?
Five ways to make the loan process go faster
We should say that "working with us" is the first way! When you let us help you find the loan that's right for you, you truly are taking advantage of some of the area's best technology and expertise to get you a loan decision and funding on your loan quickly.
Elsewhere on our website, you'll find a list of things you might need in support of your mortgage application. If you get them all together and keep them in a safe, portable place like a special pouch or folder, you can cut down on time spent rooting around for things we may need. Also, you'll help cut down on your own anxiety and confusion.
"Fudging" your employment or residence history or omitting open credit accounts you'd rather not have considered doesn't increase your chances of getting a favorable loan. In 100 percent of cases. In fact, it makes it harder and can take longer to close your loan.
During processing, we or the lender considering your loan may need additional information. Provide it as soon as you get the request, or return the call or email as soon as you get the message.
This is really part of number 2 above. If you had an illness or a divorce where you missed or made late payments, or you have other instances of late payments or delinquencies on your credit report, be prepared to explain them. Be honest, and don't be nervous! The loan processor isn't judging you; they're trying to fill in all the blanks in their paperwork.
The appraisal is one of the lengthiest parts of the mortgage loan process. Studies have shown that the single biggest factor in appraisal "lag time" is the appraiser's inability to reach the homeowner to make an appointment. If you're refinancing and the appraiser calls to make an appointment, make it as soon as it’s convenient for both of you.
Remember that the appraiser doesn't want to buy your house. He or she will say what the house is worth clean and tidy and in reasonable repair, even if you have some dirty laundry on the laundry room floor or dirty dishes in the sink. Cleaning doesn't get you a higher appraisal! Letting the appraiser in as soon as possible gets you a loan faster, though. Still have questions about the loan process?