About Purchase Loans

Buying a home is the largest purchase most people ever make. And arranging to finance your new home is the most important aspect of that process. Let us help you prepare for your purchase so that when the right place comes along, you will be ready to act.

Step-by-step, here is the typical path to a purchase transaction:

Pre-Qualifying: We lead you through an informal self-evaluation to determine how much house you can afford. Learn More »

Our “How Much Can I Borrow?” calculator on this page can help you find a comfortable mortgage payment. Pre-qualifying is our way of guiding you into the right home, at the right price. You won’t need a credit report to pre-qualify and we won’t need any financial documents from you. To start the pre-qualification process click here.

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Pre-Approval: A mortgage consultant will help you through a more formal loan evaluation process. Learn More »

The MC will collect paystubs, bank statements and review your credit report to determine your capacity to borrow. After reviewing these documents, we will let you know what loan programs are available to you and issue you a pre-approval letter that you can submit with any offer to purchase. Having a pre-approval letter isn’t required by home sellers, but it can often make purchasing a home easier and will expedite the full loan approval required to close on the home.

Our pre-approval checklist shows you the documents that are required. Then when you’re ready, you can call to speak to a Mortgage Consultant or apply online. And if you want to do some of the planning yourself, take a look at our mortgage calculators to help you understand the impact of your financial position and market rates have on your loan.

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Mortgage Approval and Closing: Once you’ve found the home you want and enter into a contract with the seller, you will need to be fully approved for your mortgage. Learn More »

If you went through the pre-approval process with us, this part is easy. If you did not get pre-approved then you can apply online or over the phone. We will collect all of the necessary documentation and a Mortgage Consultant will call you to review the loan programs and interest rates available. Once you’ve made your choice of program and rate and are locked in, a loan processor begins working on your loan to ensure everything gets done on time. An underwriter will review your documentation and the appraisal on your new home and will issue a full approval. In the final step we ship you a package of loan documents for you to sign, so you can complete your purchase and close on your new home.

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Our staff at Bank of Internet are seasoned professionals that will be a valuable asset to making the loan process as smooth and stress-free as possible.

Call us now 888-546-BOFI (2634)
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