The Home Purchase Process

the_home_purchase_process

Understanding the Home Loan Process One Step At a Time with Iron Point Mortgage in Folsom, CA

Make no mistake, now more than ever, there’s a lot involved in getting a mortgage loan. You wouldn’t be here on our mortgage website if you could just pop over to the local ATM, insert your bank card, and have the right loan pop out.

When it comes to the home loan process, Iron Point Mortgage in Folsom, CA has the knowledge and expertise to make a challenging process seem relatively easy. We service the Folsom Area as well as El Dorado Hills, Greater Sacramento, Roseville, Lincoln, Loomis, Cameron Park and beyond.

It is all about expectations

We are fully committed to letting you know what is required to get qualified, helping you put the necessary paperwork together, managing the process, while clearly communicating every step of the way. We work right along with your Realtor and Escrow Company to ensure a smooth closing and the keys to your new house.

Iron Point Mortgage has developed a streamlined Strategic 10-Step Process to help our clients, partners, and all involved in getting your loan funded. Our lenders and mortgage professionals make your part in the process as easy as possible, and we do most of the work!

10-Step Home Loan Process:

  1. Application: Fill out our secure application at by CLICKING HERE or by phone at (916) 985-3200.
  2. Initial Phone Conversation: We are committed to understanding your goals and how we can best help you.
  3. Needs List: Submit all information needed for the loan– See Needs List.
  4. Pre-Approval: Once your documents are received, we start you through the pre-approval process. In this stage, you will have a better understanding of how much you can be approved for, or what other criteria will need to be met.
  5. Strategy Session: Meet in our office for a Strategy Session and bring in any missing documentation.
  6. Shop for your Home: Now it’s time to shop with your agent for your ideal house.
  7. Make Your Offer: As you and your agent identify prospective homes, let us know, and we’ll call the listing agents to let them know your strength as a buyer and to influence them to say yes!!
  8. Offer Accepted: Once your offer is accepted, escrow is opened.
  9. Escrow Period: We will manage the process with all parties including your Realtor, Escrow Company, Appraiser and all others to make sure your transaction closes on time.
  10. Loan Funding – Get Keys: Once you sign Loan Documents at title and bring your funds to close, your loan will fund, record, the house is yours, and you’ll get your keys. This whole process should take 25-45 days.

Let us show you a hassle-free process from application to closing with our “Less paperwork and more individual attention” promise. We look forward to helping you…that’s what we do!!

When to Get Pre-Approved – and – what does that really mean?

You might be surprised, but one of the biggest misconceptions for many people is whether they would qualify for a loan or not. Roughly 50% of home buyers think they qualify for more than they do, and 50% think they qualify for less than they do. Which one are you?

Picture yourself in a moving truck with all of your belongings in tow pulling up to your Loan Officer’s building to give a piece of your mind. You’ve been in contract for 30 days, you’ve jumped through hoops, they haven’t called you back to answer your concerns, and it seems like forever since you started this crazy process. Now, it’s time to close…your whole house is packed into this truck, the loan hasn’t funded, and you’re wondering “Why has this happened to me?”

Answer: Full Loan Approval is imperative before shopping for your home. You shouldn’t even meet with a Realtor prior to making sure you are fully qualified to purchase. Many banks perform a simple Pre-Approval phone call, they run your credit and then issue a Pre-Approval Letter. Simple…right? Not so fast. This could be the kiss of death to your home purchase success.

It doesn’t have to be this way!! It’s never too early to get a thorough analysis of your financials and your goals to see when the best time would be to purchase your home. At Iron Point Mortgage, talk to one of our mortgage professionals to see what is best for you. If you are serious about purchasing real estate, knowing you’re truly qualified and how much you can borrow is an essential part of the process.

We’ll give you a FREE consultation and thoroughly review your required documentation:

  1. 2-Years Tax Returns – All Schedules
  2. 2-Years W2s
  3. Most recent full month paystubs
  4. Credit Report – Reviewed all trade lines and derogatory events
  5. Letters of Explanation for Income, Asset, Credit, Job Changes, Divorce, Short-Sales, Foreclosures, and Bankruptcies, etc.

Remember, if you haven’t had to show these items, you haven’t really been Pre-Approved.  We look forward to helping.