ENG Lending is here to help! whether you’re purchasing a new home or an investment property, The ENG Lending Team will assist you in choosing the right loan. Our experienced Mortgage Advisors are licensed in your state and are available at (503) 214-1000.
Popular Home Purchase Programs include:
- FHA Home Loans
- VA Home Loans
- USDA Home Loans
- Conventional Home Loans
Are you a first time home buyer?
Congratulations! Buying a home is one of the biggest decisions you will ever make in life. Because we understand this, we’ll walk you through it, step by step. With our Advisors by your side assisting you, you will know what to expect through the entire process. The ENG Lending team believes in educating the buyer and aking the way smooth through the whole loan process. So much so that we trust that you will recommend us to your friends and family.
Fundamentals of the process: Knowing the steps.
Step 1. Be prepared to learn! This is your time to gain knowledge about the different loan options available to you, including types of mortgage programs, the latest interest rates and other important factors that can affect your home buying process. Your Mortgage Advisor will help you understand the value of your credit score and, using a mortgage calculator to help you calculate the mortgage payment, so that you understand exactly what you can afford.
Step 2. Gather Your Documents. When applying for your loan you will be asked to provide the following “minimum” documentation.
- Income documentation: Paystubs, W-2′s, tax returns, etc.
- Bank Account Statements and other asset account statemetns
- Purchase agreement (if you are buying a home)
- Copy of your drivers license
- Copy of your homeowners insurance info
- (Don’t be surprised if more doc’s are requested as this is common procedure)
Step 3. Apply. No matter your needs, from getting pre-quallified to buy a home, or pre-approved (with a potential loan amount in hand), don’t wast time apply for a loan TODAY!. The ENG Lending team is a dedicated and experienced staff of Mortgage Advisors that are here for you.
Simply fill out and submit the form and an experienced Mortgage Advisor will call you back as soon as possible. If you prefer, call us now at (503) 214-1000 and one of our Mortgage Advisors will professionally and expertly answer your questions.
Step 4. Get Approved.
- Initial review – During the initial review, you will be assigned a Loan processor who will stay with, and process your loan all the way through to closing. Your Loan Processor will organize your submitted documents and assure that all the paperwork is complete prior to final review.
- Underwriting – After your processor has gathered and organized all your documentation it is then sent on to the loan ‘Underwriter’ for a review and to assure that your loan package fits the guidelines required for your loan program.
Underwriters evaluate the loan application and make the credit decision. In some cases they need more information to make their decision. We will contact you and help you with the additional materials if required.
- Approval decision – Once your loan is approved, a closing date can be set. Prior to the closing, the HUD-1 (required by the Housing and Urban Development department of the U.S. government) is your final settlement statement, and is delivered to you for your review.
- Settlement costs and payments. Typically at closing, you will review and settle any credits and costs such as; closing costs, earnest money deposits, taxes, escrow fees, insurance requirements (if applicable), etc.
- Review and sign your papers. At the closing, you’ll spend the majority of your time reviewing the closing documents with the details and terms of your loan
- You’ll also be signing your name, agreeing to the loan, the terms, etc. A neutral third party known as an “Escrow Officer” will supervise the paperwork process and will assure that you are comfortable with the terms of your new loan.
- HUD-1 Settlement Statement
- Updated Truth-In-Lending Disclosure (TIL)
- Mortgage/Deed of Trust
- Promissory Note
A few of the documents you’ll review at closing
Congratulations! You’ve closed your loan! If you’re buying, it’s time to move into your new home. Refinancing? Welcome home (again).
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Once again, simply fill out the application form by clicking on the ‘Apply Now’ link. One of our experienced Mortgage Advisors will get back to you as soon as possible.
The HUD-1 outlines all the costs of your loan – so be sure to review it carefully – and notify your Mortgage Advisor if you have any questions.
Step 5. Close Your Loan – This is the very exciting part, as you are now only moments away from moving into your new home!
If any costs have changed from the original proposal, it will be reflected on your HUD-1 statement. Before going to closing, be sure to double check and get costs clarified by Mortgage Advisor.