Common Questions: Loan Process

Here at US Lending, guiding people through the process of getting a loan and purchasing a home is kind of our thing. It’s definitely our favorite part of the job. There’s nothing like sitting down with a prospective home buyer who feels nervous and unsure, and guiding them safely down the road to picking up the keys to their own home.  

This week we got a chance to sit down with Cindy Tomlinson, who has been with US Lending for over thirteen years. Our in-house “mama bear”, she is the master of diffusing stress, giving helpful advice, and celebrating with first-time home buyers. Today she’s sharing her knowledge about the home loan process, and we think you’ll find it super helpful.

What happens in the initial consultation?

The initial consultation only takes about thirty minutes. We’ll have you bring in documentation of your income, assets, and any historical items that could be important. We’ll look over your credit, then discuss what kind of loan options you have. By the end of the meeting, we’ll be able to decide if you’re headed in the right direction and if it’s time to start shopping for a home.

How do you see your role?

A lot of people go into this process really worried. They’re expecting a few months of a major roller coaster ride while they go through escrow, and my goal is to be the “mama bear” that prevents that from happening. I try to help them through the things that might stress them out, and then harbor a lot of the tricky things that might come up with a file.

What costs are there?

There are a lot of hidden costs involved when you purchase a home. Thankfully, you can rest assured that our fees will stay the same whether you’re borrowing $50,000 or $500,000. There’s nothing hidden with us. However, you will need to be aware of appraisal costs, inspections, homeowners insurance, prepaying property taxes, and other fees that will surely arise. The good news is that none of these are surprises to us. We can help you through each step.

How long does the process take?

Once you get into contract and you’re ready to move forward with your purchase transaction, typically it takes between 25-45 days for the loan to run. Then, after you sign your loan documents at escrow, usually between 12-36 hours you’ll be able to get the keys to your new home! Then all you have to worry about is simply moving in.

Maybe you’ve worried that you’ll feel like you’re fending for yourself as you walk through the tricky process of buying a home. Hopefully this helped you see that you will have someone in your corner from start to finish, and that you’ll never be left in the dark. Buying your first home should be exciting! It’s our goal to keep it that way.

Ready to take the next step? Request a free consultation today »

The views, articles, postings and other information listed on this website are personal and do not necessarily represent the opinion or the position of American Pacific Mortgage Corporation.

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