Steps of the loan process

At Synergy Capital Lending, Inc., we are committed to guiding you through the loan process from start to finish. To begin, simply submit the loan application via this website or over the phone with me, Dustin Fritz, directly (916) 459-1158.

Once the application is complete and your authorization to pull your credit report has been granted, I will send you a secure link to upload the necessary documents for your loan application.

Once I review your documents, I will submit your loan to the lender for approval. In most cases, we can get loan approval within one business day. If there are any minor approval conditions, we will clear them promptly. Once your loan is cleared to close, we will coordinate with a mobile notary to get your loan documents signed, and you'll be ready to close your loan.

As a mortgage broker, I have access to many different lenders and can help you find the best loan program to fit your unique needs. Additionally, because I work on the wholesale side of lenders, I can offer you the best pricing available. With my expertise and personalized service, I am committed to making the loan process as simple and stress-free as possible.

Step 1:

Figure out what you can afford

The first step in obtaining a loan is to determine how much money you can borrow. Identifying how much home you can afford even before you begin looking will keep your expectations grounded. By answering a few simple questions, we will calculate your buying power, based on standard lender guidelines.

Loan Calcuator

Step 2:

Get pre-approved for the loan

Getting pre-approved is your step to qualifying for a home loan or refinance. The information you provide will allow us to assess your financial situation to determine your purchase power and loan options. You can get started by using our online application and gathering the following documents:

Previous two years of tax returns and W2s
Paystubs and bank statements for three months
List of debts and assets
Any additional income documentation, if applicable

Pre-Qualify

Step 3:

Select the right loan program

Home loans come in many shapes and sizes. Deciding which loan makes the most sense for your financial situation and goals means understanding the benefits of each. Whether you are buying a home or refinancing, your loan officer will be able to explain the many different loan structuring options.

Loan Programs

Step 4:

Submit your mortgage application

The information you provide will help determine if you’re eligible for a loan. Since every situation is unique, the exact documents you’ll need may vary. You’ll likely need to provide:

ID and Social Security number
Pay stubs from the last 30 days
W-2s or I-9s from the past two years
Proof of any other sources of income
Federal tax returns
Recent bank statements or proof of other assets
Details on long-term debts such as car or student loans
Real estate property information/Accepted Offer to Purchase (signed by all parties)

Apply Online

Step 5:

Underwriting

Mortgage underwriting is what happens behind the scenes once you submit your application. It’s the process a lender uses to take an in-depth look at your credit and financial background to determine if you’re eligible for a loan.

Once your loan application has been received we will start the loan approval process immediately. Your loan processor will verify all of the information you have given. If any discrepancies are found, either the processor or your loan officer will troubleshoot to straighten them out. This information includes:

Income/Employment Check

Is your income sufficient to cover monthly payments? Industry guidelines are used to evaluate your income and your debts.

Credit Check

What is your ability to repay debts when due? Your credit report is reviewed to determine the type and terms of previous loans. Any lapses or delays in payment are considered and must be explained.

Step 6:

Close your loan

After your loan is approved, you are ready to sign the final loan documents. You must review the documents prior to signing and make sure that the interest rate and loan terms are what you were promised. Also, verify that the name and address on the loan documents are accurate. The signing normally takes place in front of a notary public.

There are also several fees associated with obtaining a mortgage and transferring property ownership which you will be expected to pay at closing. You also will need to show your homeowner's insurance policy, and any other requirements such as flood insurance, plus proof of payment.

Your loan will normally close shortly after you have signed the loan documents. On owner occupied refinance loan transactions federal law requires that you have 3 days to review the documents before your loan transaction can close.

Knowing who to work with

and how to work with agents

Mortgage Broker/Lender:

The Mortgage Loan Officer will initiate the mortgage process for potential clients, preparing, analyzing, and verifying mortgage loan applications for the purchase or refinance of real estate.

Assesses your financial health
Looks at your credit score, income, assets and debts
Tells you what you can afford and sets realistic expectations
Handles all the paperwork

Tip: Be upfront and honest. The more information you give the better the Lender will be able to advise you down the right path for your goals

Real Estate Agent

A real estate agent is a licensed professional who represents buyers or sellers in real estate transactions. These folks are the experts in property history.

Real estate agents usually are compensated completely by a commission—a percentage of the property’s purchase price—so their income depends on their ability to close a deal.

In almost every state a real estate agent must work for or be affiliated with a real estate broker (an individual or a brokerage firm), who is more experienced and licensed to a higher degree.

Home Inspector

The person who noninvasively examines the condition of a home.

Visually inspect the home's structure and components
Looks for both immediate and potential problems
Provides a written report that includes visible problems, needed repairs, and potential risks

Tip: Depending on what the home inspector discovers the buyer can either ask the seller to fix the issues or deduct expenses of the repair cost from the purchase prices

Start prepping your financial documents

It is helpful to know what you can expect as you enter into the mortgage process because the process doesn't have to be complicated if you are prepared for what's to come in advance. Your loan officer will ask basic questions to understand your loan needs and to get you pre-qualified.

To get the process started it would be ideal for you to come ready with the below documents easily accessible. The exact forms you need for a home loan depend on your situation and the loan type you need. For example, someone who is self-employed will likely have to provide different forms than someone who is employed by a company. Your Lender will tell you exactly what to bring to the table to support the loan program for you.

ID and Social Security number
Pay stubs from the last 30 days
W-2s or I-9s from the past two years
Proof of any other sources of income
Federal tax returns
Recent bank statements or proof of other assets
Details on long-term debts such as car or student loans

Questions to expect from your Broker

1. What are your gross monthly earnings before taxes?

Lenders need to figure out how much you can afford to repay each month. They’ll ask about your income, which can include wages, investment income, disability payments, social security and pensions, rental income, and alimony or child support received.

2. Do you have a two-year continuous work history?

Lenders will need to find out how stable your income is. The gold standard is an uninterrupted work history for the past two years, but we can get by with much less for multiple reasons.

3. Are you self-employed or a W-2 employee?

It is definitely possible to get a home loan if you’re self-employed, but you’ll probably need to provide a little more paperwork than someone who has an employer and files a W-2 at tax time. This question will help your loan officer provide a list of documentation you’ll need in either situation.

4. What do you think your current credit score is?

Your loan officer will check your FICO score pretty early on in the process, but having a good guess about your creditworthiness can help them recommend the best possible loan programs before you authorize a hard credit check.

5. How much are you paying for housing?

Knowing what you spend on housing is another important way for your loan officer to estimate what you'll be able to afford when it comes time to make monthly payments. They may also ask about other living expenses.

6. Do you have any credit card or student loan debt?

Your loan officer will need to know about all your debts. For a lot of people, this includes student loans and credit cards. It can also include personal loans and any child support or alimony you owe.

9. What do you have saved for a down payment?

Knowing how much you have set aside is one of the best ways for your loan officer to know how much house you can afford. Some loans still require 20% down, but options may be available for zero down for qualifying buyers. Ask your loan officer to explain the many different loan structuring options.

10. Do you have a co-borrower?

If you’re applying with a partner or spouse (or even a parent), your loan officer will need to know upfront.

11. Are you working with a real estate agent?

Whether you're looking for your next home or shopping as a first-time homeowner, your loan officer will ask who you're working with. Your loan officer and real estate agent are your home buying dream team, and they’ll work together closely to get you into a great home. If you don’t have someone, you can ask your loan officer or friends and family to help you find a great agent. If you do have one, have their contact info ready.

12. Are you trying to sell your current home?

Having an existing property can improve your chances for securing excellent mortgage financing. Needing to sell can also affect the timeline of a future purchase, however, and it will require your home buying team to plan carefully.

13. How quickly are you looking to close?

A quick closing can be a big advantage in this real estate market, and sharing your timeline upfront can help everything go more smoothly. You can speed up the process by having all your documents ready to go, staying in constant communication with your home buying team, and working with a direct lender (such as Synergy Capital Lending).

Dustin Fritz

Owner/Broker

850 Iron Point Rd.,

Suite #212,

Folsom, CA 95630

dfritz@sclloans.net

Office: (916) 459-1158

Cell: (916) 320-6845

Fax: (916) 258-0947

Company NMLS #8580, NMLS Consumer Access / CA BRE: 01867225 / ID Lic. #NBL-2080008580 / WA Lic. #CL-8580. License held in: CA, TX, ID, WA

For informational purposes only. No guarantee of accuracy is expressed or implied. Programs shown may not include all options or pricing structures. Rates, terms, programs and underwriting policies subject to change without notice. This is not an offer to extend credit or a commitment to lend. All loans subject to underwriting approval. Some products may not be available in all states and restrictions may apply.