Jada Stratton and Rose Stephens
With contributions from Ben Strother, and Tayler Esping
When buying a home, you can get overwhelmed with the loan process and where to even begin. During the homebuying experience, loan process itself can be confusing and complicated and we are sure that when you begin you have a million different questions about the loan process and what you may have to work with as you go. The purpose of this article is to show you how the loan process works and what steps Trident Home Loans takes to make sure your experience goes as smoothly as possible.
We have some advice that can help starting the loan process go a little smoother. First, we advise that you put in your application as soon as possible, it never hurts to get a preapproval or a prequalification letter before you find that perfect home. It is easier than ever to apply for a loan, you can do it all online, right from the Trident Home Loans website. If you know you are shopping for a new home go ahead and get your employment, income, bank statements, and identification ready so your buying process goes by smoother. We understand that this may be the biggest purchase in your life, and we want to help you the best way we know how, but be patient and be realistic in the timeline. Also, we recommend working with a realtor that you trust, and enjoy working with. You can find realtors that are trusted by Trident Home Loans at tridentpreferredpartners.com.
As you are applying for a home you will want to know how much you are able to borrow. Each borrower has unique credit and employment history, income and debt, and goals. We have a calculator that you can use for free on our website, tridenthomeloans.com, to help give you an estimate of how much a lender will loan you. Another question you will probably wonder in the beginning of the loan process, is what loan product is best for me. We have plenty of loan originators that will be able to review your application and find a product for your specific situation. There is a loan product for everyone out there, but it is not one size fits all. Make sure you maintain open communication with your loan originator to your options.
Once you go through the prequalification and preapproval you will be able to find your dream home, and put an offer on it. When your offer gets approved that’s when we swoop in and help you order inspections, appraisals, titles, etc. This is how we gather all the remaining documents needed to complete the loan package. During this time everything is working behind the scenes, and the loan processing begins. After your loan is fully approved, we will set a closing date and let you know everything you will need to bring to closing. Then you are clear to close! We recommend you read all documents, and ask any questions during this time about the agreement terms. Finally, after you have signed everything, you are able to celebrate your new home!