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How Can You Take the Stress out of the Home Loan Process?

Today, I wanted to talk about how to take all the fear out of the mortgage process and the three steps it takes to make it a successful process. To help me break it down, I’m joined by Terrence V. Schenck from Prosperity Home Mortgage. (Terrence V. Schenck NMLSR ID 193123 Senior Loan Officer, Prosperity Home Mortgage 13135 Lee Jackson Mem Hwy, suite 100 Fairfax, VA 22033 Phone (703)408-3978 | Fax (703) 293-4298

It all starts with the application, which is a four-page form that’s pretty standard for the industry and can be done over the phone, online, or, of course, in person. This aims to gather information like employment history, assets, living history, and a credit check. Most lenders don’t charge a fee or carry any obligation with this. Once the application is submitted, the second step is gathering all the important documents.

Since the mortgage meltdown, lending has become much more stringent, Terry says, but it doesn’t have to be hard. The key is not to take it personally because everybody has to provide the same items. Doing this up front with a local lender will help you avoid a lot of pitfalls, according to Terry. What you put on the application doesn’t always match how a lender calculates income.


A program that’s pretty unique to Prosperity Home Mortgage is the Buyer’s Advantage program. While most lenders will look at the documentation and issue a pre-approval letter, they actually take it a step further and submit it to their underwriting team for a full loan review. That step typically doesn’t happen until you have a property, but Terry’s team can offer it before that step in order to avoid surprises. There is no cost or obligation for this, either.

The only thing missing at this point is an appraisal, so we can cut the buyer’s closing time down to seven days, which makes them a much more appealing buyer. It takes a lot of stress out of the process when someone finds a property because they won’t have to worry about loan documentation while they’re looking for their home.

I hope you find this information helpful if you’re thinking of buying or selling a home. If you have any questions for us, don’t hesitate to give us a call or send us an email. We look forward to helping you!

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