Many wonder how long the Loan Process can take.  With so many factors and other parties involved it’s hard to give an exact time frame.  Lets just get more familiar with the process.  There are 5 main steps to the process so lets dive a little deeper into it:

1. Application—everyone who is getting a loan needs to fill out an application.  You will be asked for personal information and will need to provide financial information.  This is what helps the bank learn about whom you are (your background) and your credit history.
2. oan Rates—with interest rates on the rise locking into a low rate, or refinancing into a new low rate now can help you eliminate debt.  If it has been several years since you have refinanced your house you may be surprised how low interest rates have gotten.  You may also be surprised how much equity you have in your home.  Typically a HELOC (Home Equity Line of Credit) interest rate will be much cheaper then a credit card rate.  If you are struggling with paying your credit card debt you may find a refinance loan that can help you tap into the equity of your home and an amazing low rate to pay off and eliminate your credit card debt.  There are also programs and special rates for the first time homebuyer.  Working with a mortgage consultant that knows all this is key in finding the right loan for you.