Frequently Asked Questions

Understanding The Home Loan Process

Secured Residential Funding Bank is constantly working to streamline the loan process. But getting a loan can still take some time. It helps to understand the steps behind the scenes.

Make use of our map detailing the home loan process so that you can track your application each step of the way. By mapping the process for you, we aim to ensure that you know what is going on behind the scenes at all times. Click on each step on the map to find out more.

Know What To Expect From The Home Loan Process

Now that you're on the application and approval path for a home loan, we want you to understand some details about what financing a home entails and offer some suggestions on how you can help make it as quick and easy as possible.

While we pride ourselves on fast approval and financing, even our streamlined process can often take some time. For this reason, it's important that you know some of what's involved in closing a home loan. By understanding what's involved, you shouldn't be surprised along the way. Understanding the process will allow you to feel more comfortable and in control when you apply for one of our home loans.

Find Out How Much You Can Borrow

Choosing the right home loan for your needs starts with finding out how much you can expect to borrow. This is especially important if you are shopping for a new home, since this will determine which price range of homes you will be able to afford. Or, if you want to tap into your home equity by refinancing or getting a second mortgage, this can determine how much cash you can get from the loan.

How much can I borrow?

Your maximum loan amount depends on many factors, including:

  • How much you can afford for monthly payments based on current income and debts.
  • The appraised value of the property.
  • The amount of equity in your home, if you're refinancing.
  • How much money you have available for closing costs and a down payment (for a home purchase loan).
  • Your credit history

Choosing A Home Loan That Is Right For You

Secured Residential Funding Bank offers many home loan options. We have information at your fingertips and user-friendly tools to help you explore the different types of loans that we offer. With a Fixed Rate Mortgage, Adjustable Rate Mortgage or Combination Rate Mortgage (Fixed Period ARMs), each offering many options to choose from, we're here to help you to finance the home you want. With so many loan choices, you may need the help of a home loan expert to be sure that you select the right loan to suit your individual needs.

Home Loan Options

Our Fixed Rate Mortgage, Adjustable Rate Mortgage and Combination (i.e. Fixed Period Adjustable) Rate Mortgage are our most common home loan choices. Many of these home loan programs offer affordable and flexible payment options.

Home Loan Process - Apply For A Home Loan

Depending on the loan you choose, you may start your application online, over the phone it’s your choice.

Are You Ready To Apply For A Home Loan?

For most people, applying for a home loan is one of the biggest financial decisions they will make in their lives. It’s not something to be rushed through, because of the responsibilities and potential risks.

Here’s some tips that can help you become thoroughly prepared.

You will need to take inventory and locate documentation of your assets and financial obligations, as these play an important role in the home loan process. If you apply for a home loan without having all these documents in hand, it could significantly slow down the application process. It’s a good idea to double check all your paperwork before you hand it in.

Be sure to find out exactly which documents need to be originals, and which you can submit as copies. If an original document is required, it will be up to you to make copies for your records. File these in a safe place, as you may need them again later.

To prevent delays or disappointments with your loan application, before applying for a home loan, it’s a good idea to request a copy of your credit report to check for any errors.

Once you’ve submitted your signed and dated application and the supporting financial documents, you will need to allow time for the process to run its course. Your Loan Consultant can tell you how long to expect each step to take, and ways you can help keep things moving along.