Securing a Loan

The first step in buying a home is pre-qualification for financing. Pre-qualification is not a full mortgage approval, but a basic estimate of what you can afford in a home loan. Along with the down payment, the loan amount will determine what price range works for you.

Pre-qualification is sometimes confused with pre-approval, which is a more comprehensive analysis and commitment of a loan program for a buyer. Pre-qualifying helps you identify and resolve any issues you may encounter in your application. Most home purchases today are made with bank financing. A mortgage is the loan a homebuyer needs in order to make up the difference between the down payment and the purchase price of the home.

This mortgage loan will be paid back in monthly payments. In addition to the mortgage payment your housing expense will also include real estate taxes, hazard and mortgage insurance. There are a variety of mortgage programs available, with fixed and adjustable rates, different time periods and payment options. A mortgage consultant can help you determine which program better suits your needs.

Most loans will require a buyer to provide verification of income, assets, and long-term debt. It usually takes about 30 days to process a loan application. Dilbeck Real Estate has aligned ourselves with Wintrust Mortgage to make the home buying process easier, faster, and more convenient by pre-qualifying buyers. Wintrust Mortgage also gives you access to over 7,000 loan programs, so you can rest assured we will find the right rates and terms to meet your individual needs. Backed by one of the nation's highest application approval rates, your Wintrust Mortgage Consultant will work hand-in-hand with Bev and Alex to get you in your home fast by closing your loan quickly and smoothly.

If you don't have a lender in mind, we recommend the following:

Daniel Arias
Madison Lending Group

Robert Plesh
Ocean Mortgage

Brenda Montgomery
Wintrust Mortgage