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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.
Genesee Regional Bank
Catherine Bartolotta-Redfield
Mortgage Loan Originator
NMLS# 859184
About Me
Catherine was born and raised in Auburn, N.Y. where she currently resides. After college, she worked for various mortgage companies in Long Island, learning both the operations and sales sides of the business. Moving back to Auburn to raise her two boys, Catherine held the position of Vice President of Retail Lending for a small local bank before accepting the position with Genesee Regional Bank.
In her more than 20-year career in the mortgage business, Catherine has gained an understanding of the mortgage process from beginning to end. She knows the critical nature of good communication and top-notch customer service from first meeting to closing.
Catherine prides herself in finding the best mortgage product for her clients, carefully assessing their situation, actively listening, and providing honest feedback. It is important to her to help every customer find a solution that fits their financial goals.
Catherine has experience working with customers at all stages of the home buying process – from buying a first home to looking for a home to enjoy retirement. Her easy-going and friendly nature makes her a pleasure to talk to and encourages an open dialog that makes it comfortable to ask questions. She works with you as part of your team and stands by you throughout the application and approval process.
Catherine has a strong connection with her community and family. When she isn’t working, she spends time with her family and friends. Catherine also loves to travel, especially to Italy to visit her family.
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!
