1. Prequalification

2. Apply For Your Loan

3. The Processing Of Your Loan Application

4. Appraising Your House

5. Underwriting

6. Closing

1. Prequalification-

Prequalification is the short mathematical equation that determines how much of a loan you can afford. This may be performed by going to the Loan Advisor or by contacting one of our Loan Originators on staff. Prequalifying for a loan usually takes less than 5 minutes.

2. Apply For Your Loan-

Applying for a home loan with Expert Mortgage Loans could not be easier. You may call to set up a convenient time to meet face-to-face with one of our professionally trained Loan Officers or, if you prefer, have your loan application taken over the phone, which usually is completed in less than 15 minutes.

If you prefer to apply online, clicking Expert Mortgage Loans will take you to our homepage where you may locate your preferred Loan Officer or simply apply on our main site by clicking the "Apply Now" button. There you may complete the secure online application. If you wish to utilize facsimile to send us your completed application, our fax number is (636) 464-5059.

3. The Processing Of Your Loan Application-

Processing a loan may be better described as verifying information. We will contact you shortly to discuss the facts presented on your loan application. Typically, the Processor will ask for 3 items to verify these facts:

1. Your last 2 pay check stubs (a year-to-date P & L if self employed)

2. Your last 2 W-2 forms (personal and/or corporate returns will only be requested if needed)

3. The last 2 statements you received in the mail from any institution with which you have money on deposit (checking, savings, investment, 401k, etc...)

While this information is being collected, your Processor will order your credit report and the appraisal on the property being financed. If you are purchasing a new home, you will be asked to submit a copy of your purchase contract.

4. Appraising Your Home-

Your loan will require us to order an appraisal of your home. Please let us know if you have a particular appraiser you wish to use. If possible we will accommodate your request, otherwise we will choose a reputable appraiser from our approved list.

The appraiser will contact you (your Real Estate Agent if you are purchasing a new home) to set a mutually agreed upon time to spend 15 minutes exploring the inside of the property being financed. Then the appraiser will spend hours researching "comparables", like-homes in size and lot that have sold as geographically close in proximity as possible to the subject property and within the last 6 month period of time.

5. Underwriting-

An Underwriter is a critical part of the loan process. They determine if a loan qualifies for approval. If your loan is not approvable under the terms for which you have applied, then another option is usually offered. For example, if you applied for a 15 year fixed rate mortgage, but the Underwriter felt the larger payment would be difficult for you to handle based on your other debts and as a function of your income, then they may offer a 30 year fixed rate mortgage instead.

6. Closing-

The name speaks for itself. Usually your closing will take place at the title company of your choice or at our offices if you prefer.

Your Expert Mortgage Loans Closer will call you usually 24 hours prior to your closing to make sure everything has been properly coordinated between you, your Home Owners Insurance Agent, your Real Estate Agent (if applicable) and your title company