Make an informed decision
Use our tools to make the most of your home buying experience. Who would make one of the biggest purchases of their lives without researching as completely as possible.
McCulloch Mortgage Team is so confident we are the best fit for you that we created these tools to help you make an informed decision. Go ahead, use our tools and compare. You’ll see why we are the best.
Want to buy a home, but don’t know how much you can afford? Use this handy Affordability Calculator to help you get a rough estimate what you can afford. Keep in mind that this calculator does not take debt-to-income ratios, homeowners insurance, or property taxes into account. These are just a few of the things that we factor into your how much you can afford, and determining what your monthly payment would be. If you want a more accurate estimate of your housing cost, give us a call or fill out our online application. Our application is zero obligation and gives our loan agency officers the information needed to calculate your costs
What is needed and how it works
Don’t be intimidated by the paperwork involved in the loan process.
We are here to help you every step of the way.
The first step in the loan application is pre-qualifying and we’ll ask you some questions about your residence, employment history, and income. With your permission, we’ll pull a credit report and review the information with you to ensure the information is correct.
Additional documentation may be needed depending on the complexity of the loan, however, this will be a good beginning for most loan applications.
Your Loan Consultant will advise you if additional paperwork is needed, depending on your individual situation.
Once all documents are gathered, the loan application package is completed and the loan begins the processing stage. Your Loan Agency Consultant will walk you through and keep you informed during every step of the loan process, all the way through to closing.
Prequalification occurs before the loan process actually begins. We gather information about your income and debts and makes a financial determination about how much house you may be able to afford. It’s a good idea to know how expensive a home you can afford before you start shopping for one!
If you are refinancing the loan on your existing home, then the prequalification process should help you decide whether refinancing is a good idea for you.
The application is the beginning of the loan process and either occurs after you have found a property you want to buy or have determined that you wish to refinance the loan on your existing home. You complete a mortgage application for a particular loan program and, supply all of the required documentation for processing. Various fees and down payment options are discussed at this time. The loan officer will deliver a Good Faith Estimate (GFE) and a Truth-In-Lending Disclosure (TIL) within three days that itemize the rates and estimated costs for obtaining the loan.
The lender will typically submit the application package to an automated underwriting system that will provide the lender with the necessary documentation needed for loan approval. In some cases, the lender may also manually underwrite an application package.
The lender’s processor reviews the credit reports and documentation to verify your employment, debts, and payment histories. If there are unacceptable late payments, collections, judgments, etc., the processor requests a written explanation from you. The processor also reviews the appraisal and survey and checks for property issues that may affect final loan approval. The processor’s job is to put together an entire application package for the lender’s underwriter.
We are responsible for determining whether the application package prepared by the processor meets all the lender’s criteria. If more information is needed, the loan is put into “suspense” and you will be contacted to supply more documentation.
If the underwriter approves the loan, the lender issues a conditional commitment to lend, orders title insurance, works with you to clear all conditions to its commitment to lend and then schedules a closing time. Conditions to the lender’s commitment may include issues with credit, income, or the property that may arise during the processing and underwriting process.
The closing will occur after all conditions are cleared and the lender issues a full loan approval. At the closing, the lender “funds” the loan with a cashier’s check, draft or wire to the closing agent, who disburses funds, in exchange for the title transfer to the property. This is the point at which you finish the loan process and actually refinance or buy the house, subject to the lender’s loan. Closings occur at different places in different states. For instance, some states require that the closing takes place at a closing attorney’s office, while others use a title or escrow company. You may also be able to close at your home.
We will keep you informed along the way, throughout the loan process. We are also available, at any time, for any questions of concerns that you may have.