First, relax! We will make the loan process simple and easy to understand.

Prequalification
People often talk to us at Homestead before house hunting to determine in advance what price range of home they can afford and the mortgage amount for which they can qualify. This step is called Prequalification and can save you much time and trouble by making certain you are looking in the right price range.

Preapproval
The next step for many people is preapproval. This step is more formal than prequalification and results in a written commitment for Homestead to provide you with financing up to a specified dollar amount (subject to a satisfactory purchase contract and property appraisal). Our preapprovals are normally valid for 120 days. In a competitive real estate market, being preapproved may just give you the "edge" you need to be the successful bidder on the home you want to buy! To apply please complete the online application or contact us.

Loan Application
The "formal" loan approval process generally begins with an interview - by phone or in person - in which you and Homestead work together to establish the loan criteria. You can initiate this process by completing the online application or contact us.

In planning for this interview, you should think about the following questions:

• How much will you be paying for the home? (If a refinance, what is the current market value of the home?)
• How much do you think you want to borrow?                  
  • What percentage will you put down -- 0%? 5% 20%, etc. 
  • What will the loan amount be?
  • How large of a monthly payment do you want?
• How long do you plan to live at this location? This will help us to determine if an adjustable or balloon loan might be beneficial for you.
• When do you plan to close? - This information and historical data will help us advise you as to when you should "lock in" your rate.

What you’ll need:
Once you and your Homestead loan officer have determined the best loan program for you, we will ask you for some documentation to verify your income, assets and debts. For most people, we will ask only for copies of:

• Statements for the last two months for all bank accounts and brokerage funds
• W2s for the last two years and one month’s current pay stubs
• Most recent quarterly or annual statement for retirement accounts

Some additional documents may be required depending on your own circumstances. Click here to view our Printer-friendly checklist for details. If you are missing some of these items, don’t worry! We can normally obtain the information we need through alternative means, if necessary.

What will it cost?
Homestead provides prequalification to its clients free of charge. For preapproval, we collect for the credit report(s) in advance. For formal loan approval, we collect for the credit report(s) and appraisal at time of application.

After The Mortgage Application
Once we receive the requested documents, Homestead will verify the information provided, have the home appraised and obtain your credit report. Loan approval can often be issued within 24-48 hours, subject only to a property appraisal!