• Tel: 803-707-9997
    Email: info@kwestmortgage.com

  • How to get a Loan?

    Once you select us to obtain your home loan, you'll be amazed at how quickly and simply the loan process moves. Before you know it, you'll have a mortgage that suits your lifestyle and saves you money.

    Throughout the loan-application process, we provide you with regular updates. You can also e-mail us with questions or new information. And if you want assistance, a mortgage expert who can answer questions is just a phone call away.

  • Here's an overview of the loan-application process.

    Apply Now! Getting started is easy

    When you've selected a property and have a contract with the Seller, the next step is to complete your loan application, which can be done easily through our website. To get started, select an application from the list on the left.
    At the appropriate time we'll order a property appraisal for you.

    Gather your financial paperwork

    Having accurate answers to home loan application questions can prevent surprises once the mortgage process is underway. If you provide the right mortgage documents upfront, you’ll likely have a smoother mortgage closing. 

    Strengthen your credit

    Your credit score tells lenders just how much you can be trusted to repay your loan on time. The lower your credit score, the harder time you’ll have qualifying for a mortgage and the more you’ll pay in interest. Take a look at your credit score to see where you stand – you should aim for the mid 700s. If your score is lacking, go to AnnualCreditReport.com to order three credit reports for free, and check for errors. Contact the rating agency immediately if you spot any.

    Other good ideas: Pay off a revolving balance, and limit your credit card usage to just 20 percent of your available credit. Also, don’t apply for a new card before you apply for a mortgage.

    Know basic mortgage loan requirements

    In the lending world, minimum mortgage requirements are based on the “three Cs” of underwriting — capacity, credit reputation and collateral. In simpler terms, they refer to your debt-to-income (DTI) ratio, credit score and assets. If you don’t know how to apply for a home loan, knowing the folllowing guidelines will help you better understand how lenders evaluate your application.

    Fill out a mortgage application

    Once you’ve completed the steps above, the actual application process should be quick and easy — you just need to decide how you want to apply. Each lender is required to provide a loan estimate (LE) within three business days of submitting a mortgage application. Keep copies of each estimate you receive to negotiate your interest rate and closing costs later.

    • Online application. Whether it’s on your laptop, desktop or smartphone, many lenders offer options to apply for a mortgage online.
    • Over-the-phone applications. Many lenders allow borrowers to apply by phone. A loan officer can walk you through each section, and give you feedback along the way.
    • In-person. You’ll be able to see your credit report, review a loan estimate and get a preapproval letter on the spot with an in-person mortgage application. With all of your mortgage documents in hand, the lender can move your application to the final approval stage.

    Your Loan is Approved and Funded

    Your Real Estate Agent or the Seller will designate an Escrow/Title Company to handle the funding of your loan, along with many other factors which make your purchase go smoothly.
    We will coordinate with the escrow team and you'll sign the final papers at their office.
    Simple, Straightforward, Cost Effective, and FAST!

    Consider your mortgage options  

    The choice is greater than choosing between a 15-year and 30-year mortgage. For instance, first-time homebuyers might consider an Federal Housing Administration-insured loan, especially if you have less-than-stellar credit. You need a credit score of 580 or higher to get an FHA-insured mortgage with a down payment as low as 3.5 percent. If your credit score is between 500 and 579, you need to make a down payment of at least 10 percent to get an FHA mortgage. But first you would have to find a lender that would approve the loan.
    Remember, though, paying less now increases what you’ll owe over time.
    Borrowers can also choose between a fixed-rate and adjustable-rate mortgage. For those who like certainty, and are sensitive to spikes in your budget, fixed-rate is generally the better option. Kwest to find the best rates. 

  • Steps to Homeownership

    The typical home purchase process

    1)

    Pre-qualification - This informally determines the maximum amount you are eligible to borrow. This is not a guarantee of a loan. The key to getting pre-qualified, is to provide your entire credit history. Neglecting to mention an outstanding car loan or previous credit problem can nullify the pre-qualification.

    2)

    Pre-approval - Pre-approval is similar to pre-qualification, except your debt, income and credit are all verified and you are actually approved for a loan, up to a specific amount and under certain conditions and terms. Becoming pre-approved means you can search for your dream home knowing exactly how much you can afford.

    3)

    The Hunt - Now that you know how much home you can afford, you can begin shopping. Ask your Real Estate Agent to search the MLS (Multiple Listing Service) daily for homes that meet your specific criteria.

    4)

    Purchase & Sale Agreement - When you find the right home, the terms of the sale are negotiated, including the sale price, repair requests, move-in date, etc. Your Agent will present your offer to the sellers. Your pre-qualification or pre-approval letter will usually be submitted with your offer since it can tilt the sale in your favor, especially in a competitive market.

    5)

    Loan Application - Once the seller accepts your offer, you will need to obtain your mortgage. Unless you have been pre-approved, you will need to complete a loan application.

    6)

    Documentation - Paperwork supporting the application must be submitted. This normally includes pay stubs, two years’ tax returns and account statements verifying the source of the down payment, funds to close and reserves. If you were pre-approved, this step has already been completed.

    7)

    Appraisal - Lenders require an appraisal on all home sales. This step could jeopardize a sale if a big discrepancy were to exist between the sale price and appraised value of the house, but this rarely occurs.

    8)

    Title Search - This is the time when a search for any liens against the property is conducted. A lien may have been placed on a property to ensure payment of outstanding debts by the owner. All liens must be cleared before a title transfer can be completed.

    9)

    Property Inspection - Most purchase loans require an inspection of the property for termite and water damage as well as possible safety hazards. Some problems may need to be repaired before finalizing the sale.

    10)

    Processor’s Review - A loan processor will package all pertinent information to be sent to the underwriter, including any explanations that may be needed, such as reasons for derogatory credit.

    11)

    Underwriter’s Review - Based on the information put together by both the loan representative and the processor, the underwriter makes the final decision on whether or not a loan is approved. Lenders are looking for borrowers who will make their payments on time and for a property that will cover the cost of the investment, if a buyer defaults.

    12)

    Mortgage Insurance - Many lenders require borrowers to carry private mortgage insurance when their down payment is less than 20 percent of the home’s sale price. Even if a loan meets the standards of a lender, a mortgage insurance company could choose to deny coverage.

    13)

    Final Loan Approval - In most cases, when your credit and debt-to-income ratio is good, your loan will be approved. However, in some cases, you may need to put more money down to improve the debt-to-income ratio. In addition, if the property appraises for less than the purchase price, you may need to increase your down payment to cover the difference. In some cases, repairs or improvements on the property may be required. There may also be other conditions to meet before the final loan approval and loan documents are issued.

    14)

    Insurance - Lenders require fire and hazard insurance on the replacement value of the structure. Flood insurance may also be required if the property is located in a flood zone. In some areas, earthquake insurance is a possible requirement.

    15)

    Signing - Final loan and escrow documents are signed by you (the buyer) and the seller.

    16)

    Funding - A wire or check for the amount of the loan will be sent to the title company.

    17)

    Close of Escrow / Closing - Documents transferring title are recorded with the County Recorder.

    18)

    Confirmation of Recording - The title company then authorizes the escrow company, or closing agent, to draft a check to the seller.

    19)

    Move In! - Now you get to move in to your new home. Make sure you replace all the locks for safety.