The Financing Process
Demystifying Home Loans
The home loan process can feel overwhelming
By collaborating with a trusted lender and remaining informed through every step of the process, from pre-approval to closing, you can have a significantly more comfortable experience. You’ll want to consult with a mortgage specialist (or two) to find a professional who you are confident will provide you with the best care. To get an idea of what to expect, review the following home loan process steps.
Mortgage Investors Group
Samanda Knight
Branch Manager/Sr. Loan Officer
Equal Housing Opportunity Lender - MIG NMLS #34391
NMLS #657450
FL #LO118889
TN #120126
About Me
A desire to leave my “footprint” in the world led me to a career in the mortgage lending industry. That was nearly 20 years ago, and in that time, I’ve been able to draw on my love of interacting with people to help clients achieve the American dream of homeownership.
I entered the industry in 1995 as a mortgage processor. Three years later, I began originating loans and worked my way up to becoming a producing Branch Manager before making the seamless transition to MIG in June as a Senior Loan Officer in its main Knoxville branch.
I am well versed in all types of lending, including Federal Housing Administration (FHA), FHA 203K, Veterans Affairs (VA), Tennessee Housing Development Agency (THDA), Rural Development (RD), New Construction, and Homepath. Today I work with Loan Officer Assistant Evan Gilbert and Processors Tonya Branum and Melissa Brefini, as I guide clients through the process of making one of the largest investments of their lives. I strive to offer exceptional customer service by thoroughly listening to my clients so I can gain a full understanding of their financial goals. Then, I advise them about their options so they can achieve those goals.
I am an affiliate member of the Knoxville Area Association of Realtors and a member of the Knoxville Chamber of Commerce and Farragut Chamber of Commerce. I look forward to assisting you with your current or future mortgage loan needs. You may reach me at the contact information below. I hope to hear from you soon.
Mortgage Investors Group is an Equal Housing Opportunity Lender. NMLS #34391. Programs are based on borrower qualifications.
www.nmlsconsumeraccess.org
Step One:
Get pre-approval
Before you start looking for a home to buy, it’s wise and proactive to meet with a lender to get pre-approved for a loan amount. Offers accompanied by a pre-approval letter are stronger and will stand out, especially when the seller is receiving multiple offers.
To gain pre-approval, your preferred lender will gather information about income, assets, and debts to help determine how much you can borrow. This includes gathering a credit report, W-2 forms, pay stubs, federal tax returns, and recent bank statements.
There are a variety of home loan programs offering different advantages depending on your unique needs and preferences. Your preferred lender can go over the specifics of each to ensure you find a loan option that best aligns with your needs.
ESTIMATE YOUR MONTHLY PAYMENT
Estimate your mortgage payment, including the principal and interest, taxes, insurance, HOA, and Private Mortgage Insurance.
Price
Annual Tax
Loan Term (Years)
Down Payment %
Interest Rate %
Monthly HOA
Monthly Insurance
$3,198.20
Estimated Monthly Payment
Principal
$2,398.20
(75.0%)Taxes
$500.00
(15.6%)HOA
$100.00
(3.1%)Insurance
$200.00
(6.3%)Step Two:
Find the best loan
Collaborating with a top-notch local loan officer will ensure you have access to competitive rates and programs that best fit your individual needs. Take the first step by completing this form to get connected today!
Step Three:
Application and Processing
When you find the perfect property and your offer is accepted, your lender will help you complete a full mortgage loan application, discuss down payment options, and explain any related fees.
Then, your application is submitted for processing where the documents are reviewed. Your lender will also order a home appraisal and a property title search.
The next part of the application process involves sending everything to an underwriter who will review and approve the entire loan package to make sure it meets all compliance regulations.
It is not unusual to receive requests for additional documentation or clarification during this phase of the application process.
Step Four:
Signing and Finalizing the deal
Once your loan is approved, you’ll need to set up homeowners insurance.
Your documents will be sent to the title company and the closing will be scheduled for you to sign the necessary paperwork and pay any additional costs to complete the purchase of your new home.
After the loan goes through the required recording process, the purchase is complete, and you officially own your new home!
