It is critical that you speak with a lender to obtain a pre-approval letter as soon as possible and before we begin the search for your new property.  You will be in a better negotiating position with the Seller's if your lender has pre-approved you before submitting an offer.  We work with some great lenders; let us help find you the right lender!

The loan application process need not be intimidating. RE/MAX of Alyeska has detailed the steps involved in the process so that you feel confident about going to the lender prepared with everything you need to successfully complete the loan application.

1. During your initial meeting with a loan officer you will provide all the information necessary to complete the loan application. You may pay an application processing fee to put your application in process and a credit report is ordered. The application fee covers the credit report fees.

2. Once the credit report is completed, the credit agency will send you a letter requesting any explanations that may be necessary. The explanations must then be sent to your lender. Please respond quickly to all written or telephone requests for information so that you can begin finding a property in the right price range as soon as possible.

3. The next step in the process is the verification of your documents. Letters requesting information verifying your employment, bank balances, rental or mortgage information, etc., are sent by the lender to the appropriate institutions. The information returned is compared with the application. As the process takes place you will be contacted to supply a variety of necessary information. Again, please respond quickly to the lender’s requests so that your loan application can be approved. You will want to be able to act quickly when you find the right property!

4. When you have found the property you want to purchase and are under a contract for that property, your appraisal is ordered and scheduled immediately. When the property is under contract, the lender will contact you to lock in your interest rate. When the appraisal is received, the entire file is sent to the underwriting department for final approval. This takes about 48-72 hours. When the loan is approved, the documents are prepared for your purchase closing.

It is important to have a pre-approval letter to put you in the best negotiating position with the Seller's.