• 1. Pre-qualification

    Pre-qualification is the term used to explain the short mathematical equation that determines how much of a loan you can afford. This may be performed by contacting me at (618) 410-4629. or applying on-line here. Pre-qualifying for a loan usually takes less than 10 minutes.

    2. Apply For Your Loan

    Applying for a home loan with Gershman Mortgage could not be easier. You may call to set up a convenient time to meet face-to-face with me, or if you prefer, have your loan application taken over the phone, which usually is completed in less than 15 minutes.

    If you prefer to apply online, you can start our quick, easy and secure online application here. You can also print the very application Loan Officers use for your private completion. If you wish to utilize facsimile to send us your completed application, please feel free to transmit it at (618) 410-4629.

    3. The Processing Of Your Loan Application

    Download your checklist here. Processing a loan may be better described as verifying information. One of our courteous Processors will contact you shortly to discuss the facts presented on your loan application. Typically, the Processor will ask for these items to verify all the facts:

    1. Your last 2 pay check stubs (a year-to-date P & L if self employed)

    2. Your last 2 W-2 forms (personal and/or corporate returns will only be requested if needed)

    3. The last 2 statements you received in the mail from any institution with which you have money on deposit (checking, savings, investment, 401k, etc...)

    4. Divorce decree or child support documentation

    5. Bankruptcy, judgment releases against you

    6. Check for the appraisal

    7. Depending on your specific situation, other documentation may be required

    While this information is being collected, your Processor will order your credit report and the appraisal on the property being financed. If you are purchasing this new home, please submit a copy of your purchase contract, too.

    4. Appraising Your Home

    The appraiser will contact you (your Real Estate Agent if you are purchasing a new home) to set a mutually agreed upon time to spend 15 minutes exploring the inside of the property being financed. Then the appraiser will spend hours researching "comparables", like-homes in size and lot that have sold as geographically close in proximity as possible to the subject property and within the last 6 month period of time.

    5. Underwriting

    Simply put, an Underwriter is the brain thrust of a lender. They determine if a loan is approved or rejected and under what terms. If your loan is not approvable under the terms for which you have applied, then a counter offer is usually made if possible. For example, if you applied for a 15 year fixed rate mortgage, but the Underwriter felt the larger payment would be overly taxing based on your other debts and as a function of your income, then they may offer a 30 year fixed rate mortgage instead.

    Gershman Mortgage is different than almost every other lender in that our Underwriters are in-house and are located in our local office. As a result, your file does not leave our office unless there are special circumstances. The result is a faster approval as a result of human interaction.

    6. Closing

    The name speaks for itself. Usually your closing will take place at the title company of your choice.