logo
  • Home
  • Apply Now
  • Reference
    • Loan Process
    • Loan Programs
    • Mortgage Calculators
    • FAQ
  • About Us
    • Meet the Team
    • Employment
    • Contact
  • Locations
    • Branch Locations
  • 269-488-7100
logo
  • Home
  • Apply Now
  • Reference
  • Loan Process
  • Loan Programs
  • Mortgage Calculators
  • FAQ
  • About Us
  • Meet the Team
  • Employment
  • Contact
  • Locations
  • Branch Locations
  • 269-488-7100
logo
  • Home
  • Apply Now
  • Reference
    • Loan Process
    • Loan Programs
    • Mortgage Calculators
    • FAQ
  • About Us
    • Meet the Team
    • Employment
    • Contact
  • Locations
    • Branch Locations
  • APPLY NOW

Loan Process

Step 1: Find Out How Much You Can Borrow

The first step in obtaining a loan is to determine how much money you can borrow.  In case of buying a home, you should determine how much home you can afford even before you begin looking. By answering a few simple questions, we will calculate your buying power, based on standard lender guidelines.

Click here to Pre-Qualify.

You may also elect to get pre-approved for a loan which requires verification of your income, credit, assets and liabilities.  It is recommended that you get pre-approved before you start looking for your new house so you: 

  1. Look for properties within your range of affordability.
  2. Be in a better position when negotiating with the seller (seller knows your loan is already approved).
  3. Close your loan quicker

More on Pre-Qualification
     LTV and Debt-to-Income Ratios
     FICO™ Credit Score
     Self Employed Borrower
     Source of down payment

LTV and Debt-to-Income Ratios
LTV or Loan-To-Value ratio is the maximum amount of exposure that a lender is willing to accept in financing your purchase. Lenders are usually prepared to lend a higher percentage of the value, even up to 100%, to creditworthy borrowers. Another consideration in approving the maximum amount of loan for a particular borrower is the ratio of monthly debt payments (such as auto and personal loans) to income. Rule of thumb states that your monthly mortgage payments should not exceed 1/3 of your gross monthly income. Therefore, borrowers with high debt-to-income ratio need to pay a higher down payment in order to qualify for a lower LTV ratio.

return to top

FICO™ Credit Score
FICO™ Credit Scores are widely used by almost all types of lenders in their credit decision. It is a quantified measure of creditworthiness of an individual, which is derived from mathematical models developed by Fair Isaac and Company in San Rafael, California. FICO™ scores reflect credit risk of the individual in comparison with that of general population. It is based on a number of factors including past payment history, total amount of borrowing, length of credit history, search for new credit, and type of credit established. When you begin shopping around for a new credit card or a loan, every time a lender runs your credit report it adversely effects your credit score. It is, therefore, advisable that you authorize the lender/broker to run your credit report only after you have chosen to apply for a loan through them.

return to top

Self Employed Borrowers
Self employed individuals often find that there are greater hurdles to borrowing for them than an employed person. For many conventional lenders the problem with lending to the self employed person is documenting an applicant's income. Applicants with jobs can provide lenders with pay stubs, and lenders can verify the information through their employer. In the absence of such verifiable employment records, lenders rely on income tax returns, which they typically require for 2 years.

return to top

Source of Down Payment
Lenders expect borrowers to come up with sufficient cash for the down payment and other fees payable by the borrower at the time of funding the loan. Generally, down payment requirements are made with funds the borrowers have saved. If a borrower does not have the required down payment they may receive “gift funds” from an acceptable donor with a signed letter stating that the gifted funds do not have to be paid back.

return to top

Step 2: Select The Right Loan Program

Home loans come in many shapes and sizes. Deciding which loan makes the most sense for your financial situation and goals means understanding the benefits of each.  Whether you are buying a home or refinancing, our mortgage professionals will help determine what loan program best fits your needs.

Step 3: Apply For A Loan

Click To Apply For A Loan

Step 4: Begin Loan Processing

Although lenders conform to standards set by government agencies, loan approval guidelines vary depending on the terms of each loan. In general, approval is based on two factors: your ability and willingness to repay the loan and the value of the property.

Once your loan application has been received we will start the loan approval process immediately. Your loan processor will verify all of the information you have given. If any discrepancies are found, either the processor or your loan officer will troubleshoot to straighten them out.  This information includes:

Income/Employment Check
Is your income sufficient to cover monthly payments?  Industry guidelines are used to evaluate your income and your debts.
 
Credit Check
What is your ability to repay debts when due?  Your credit report is reviewed to determine the type and terms of previous loans. Any lapses or delays in payment are considered and must be explained.
 
Asset Evaluation
Do you have the funds necessary to make the down payment and pay closing costs? 
 
Property Appraisal
Is there sufficient value in the property? The property is appraised to determine market value. Location and zoning play a part in the evaluation.
 
Other Documentation
In some cases, additional documentation might be required before making a final determination regarding your loan approval.

VERY IMPORTANT INFORMATION - In order to improve your chances of getting a loan approval:

  1. Fill out your loan application completely. You may use our online forms to expedite the process.
  2. Respond promptly to any requests for additional documentation especially if your rate is locked or if your loan is to close by a certain date.
  3. Do not move money into or from your bank accounts without a paper trail. If you are receiving money from friends, family or other relatives, please prepare a gift letter and contact us.
  4. Do not make any major purchases until your loan is closed.  Purchases cause your debts to increase and might have an adverse affect on your current application.
  5. Do not go out of town around your loan's closing date. If you plan to be out of town, you may want to sign a Power of Attorney.

Step 5: Close Your Loan

After your loan is approved, you are ready to sign the final loan documents. You will be asked to review pre-closing documents prior to signing and make sure that the interest rate and loan terms are what you expected. Also, verify that the name and address on the loan documents are accurate. The signing normally takes place in front of a notary public at a Title Agency office.

There are also several fees associated with obtaining a mortgage and transferring property ownership which you will be expected to pay at closing. Bring a cashiers check for the down payment and closing costs if required. Personal checks are normally not accepted. 

Your loan will close and fund the day you have signed the loan documents for the purchase of your new home. On owner occupied refinance loan transactions, federal law requires that you have 3 days to review the documents before your loan transaction can close and fund.

Mortgage Calculator

Our user-friendly calculator puts you in charge of estimating your mortgage payment.

Calculate Now

About Us

We've been helping customers afford the home of their dreams for many years and we love what we do.

Company NMLS: 110139
Apollo Home Mortgage is a division of AmeriFirst Financial Corporation

Contact Us

6120 Stadium Drive Ste C
Kalamazoo, Michigan 49009
269-488-7100
800-385-7052

kmorgan@apollohomeloans.com 

Disclaimers

  • Legal
  • Privacy Policy
  • Site Map
  • Licensing

    Equal Housing Lender logo

    LenderHomePage Footer Logo Powered By LenderHomePage.com

    Apollo Home Mortgage Accessibility Statement

    General

    Apollo Home Mortgage strives to ensure that its services are accessible to people with disabilities. Apollo Home Mortgage has invested a significant amount of resources to help ensure that its website is made easier to use and more accessible for people with disabilities, with the strong belief that every person has the right to live with dignity, equality, comfort and independence.

    Accessibility on Apollo Home Mortgage website

    Apollo Home Mortgage makes available the UserWay Website Accessibility Widget that is powered by a dedicated accessibility server. The software allows www.apollohomeloans.com to improve its compliance with the Web Content Accessibility Guidelines (WCAG 2.1).

    Enabling the Accessibility Menu

    Apollo Home Mortgage accessibility menu can be enabled by clicking the accessibility menu icon that appears on the corner on the page. After triggering the accessibility menu, please wait a moment for the accessibility menu to load in its entirety.

    Disclaimer

    Apollo Home Mortgage continues its efforts to constantly improve the accessibility of its site and services in the belief that it is our collective moral obligation to allow seamless, accessible and unhindered use also for those of us with disabilities.

    Despite our efforts to make all pages and content on Apollo Home Mortgage website fully accessible, some content may not have yet been fully adapted to the strictest accessibility standards. This may be a result of not having found or identified the most appropriate technological solution.

    Here For You

    If you are experiencing difficulty with any content on Apollo Home Mortgage website or require assistance with any part of our site, please contact us during normal business hours as detailed below and we will be happy to assist.

    Contact Us

    If you wish to report an accessibility issue, have any questions or need assistance, please contact us by sending an email to: kmorgan@amerifirst.com