1. Determine Your Eligibility:
Ensure that you meet the eligibility criteria set by Choice Home Loans, which may include age requirements, income verification, and credit score.
2. Choose Your Loan:
Select the loan product that best fits your needs, such as a fixed-rate mortgage, adjustable-rate mortgage, or other specialized loans offered by Choice Home Loans.
3. Prequalify:
Initiate the loan process by completing a prequalification form on Choice Home Loans' website or through a loan officer. This helps you understand your potential borrowing power and interest rate estimates.
4. Gather Required Documents:
Prepare and gather all necessary documents, including pay stubs, tax returns, bank statements, and employment verification documents.
5. Complete a Full Application:
Submit a complete loan application with Choice Home Loans. This typically includes a more detailed set of forms and documents.
6. Property Appraisal:
Once the application is received, an appraisal of the property you want to purchase or refinance might be required.
7. Underwriting:
The lender reviews your credit, income, and property information to evaluate and approve the loan application. This process may include providing additional documentation or verifying information.
8. Loan Approval and Terms:
Upon successful underwriting, you will receive a loan approval that outlines the terms of your loan, such as the interest rate, loan amount, and repayment period.
9. Closing and Disbursement:
If you accept the loan offer, the lender will coordinate a closing meeting where you will sign the necessary documents to finalize the loan. Once the closing is complete, the loan funds are disbursed.
10. Post-Closing:
After the closing, you will begin making monthly payments as per the agreed-upon terms with Choice Home Loans.