The loan process is simple, especially if you understand the steps involved and have the documents required for each step of the process. Here are the seven key steps and what to expect for each. The most important thing to remember is that our number one goal is to get you approved!

1. Organizing Your Documents
Start by gathering these documents.

• If you are salaried, you’ll need 2 year’s of W-2s and one month of pay stubs. If you are self-employed, you’ll need 2 years of tax returns and a year-to-date profit and loss statement.

• Three months of bank, stock, or mutual fund statements.
• Most recent copies of any retirement account statements.
• If you own rental property, provide updated leases and 2 years of tax returns.
• Divorce decree.

2. Getting Pre-Qualified
Once a lender has gathered the necessary information about your income and debts, a determination can be made regarding the size of the loan for which you qualify. It’s important to note that each loan type has different parameters for qualification so, even if you come up a little short in one area, your stronger areas could very well make up for a weak one.

3. Reviewing Mortgage Programs and Rates
With so many programs to choose from, shopping for a loan can be challenging. Whether it’s FHA, VA, conventional, arms, balloons, fixed -- each has different rates, points and fees. It’s best to schedule a no-obligation consultation with one of our experienced loan officers to find out which option is right for you.

4. Preparing an Application
The loan application you’ll be filling out is called a 1003. Once an Allstate loan officer has assisted you in filing out the 1003, the proper documents will be attached to the application and the entire file will be submitted for processing.

5. Obtain Loan Approval
Your completed loan application has now been submitted to underwriting to secure a loan approval. In the meantime, appraisal, title work, and all verifications have to be done and placed in the file. Then, once your loan is approved, you will get a pre-approval letter to
submit with your offer to purchase a home.

6. Locking in on a Loan Type and Rate
Once you have your loan approval you will “lock in” the interest rate by talking you your Allstate loan officer. This ensures that in the time between closing on your home loan, the rate you’ve secured does not rise based on fluctuations in the prime rate. When purchasing a home, you cannot lock in until you have an accepted purchase agreement from the home seller.

7. Closing Your Loan
The final step! Once your loan is approved, a funding request is made to the lender and a closing package is sent to the Title Company or attorney to close the loan. At the closing you’ll be required to bring identification (Drivers License, Green Card) and proof of homeowner’s insurance. You’ll also need to bring a cashiers check for your down payment and closing costs, if required. At the closing, you will review the final loan documents and make sure the interest rate and terms are exactly as agreed upon and verify that the names and addresses on the loan document are accurate. You’re Allstate loan officer will assist you during this entire process.