The E5 Standard

How the E5 Standard Provides Buyers and Agents a 5-Star Service Experience

New Homebuyers Guide Do's & Don'ts Loan Status Updates

What to Expect

Regular Loan Status Updates are sent to the buyer, the buyer’s agent and the listing agent to keep all parties informed of the loan progress. Here is the steps in the E5 Loan Process.

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Pre-Qualification Steps

[sg_popup id="2915" event="click"]Pre-Qualification Process[/sg_popup]

Pre-Qualification Steps

Getting prequalified/pre-approved

  • Once initial documentation is received, our team will review it for completeness. Please be thorough and comprehensive.
  • After complete documentation from the initial “needs lists” is received, it will be reviewed to determine your qualifications.
  • An official assessment will be made, and you will be informed of your options.
  • If you are qualified to go shopping for a home, at this point we will give you a prequalification letter so you can start shopping for your new home.

Going shopping or proceeding with an offer:

  • Once you have the letter you may make an offer on the house you intend to buy, or you may begin shopping with your realtor to find a home that meets your needs and qualifications. Our team will communicate with your realtor and you to make certain what is needed for a successful transaction is included in the contract.  NOTE: It is imperative to negotiate any seller paid closing costs up front in the initial contract.
Rules to follow when applying for a mortgage

What to Expect

Regular Loan Status Updates are sent to the buyer, the buyer’s agent and the listing agent to keep all parties informed of the loan progress.

  • Pre- Qualified color1200

Getting pre-qualified/pre-approved:

    • Once initial documentation is received, our team will review it for completeness. Please be thorough and comprehensive.
    • After complete documentation from the initial “needs lists” is received, it will be reviewed to determine your qualifications.
    • An official assessment will be made, and you will be informed of your options.
    • If you are qualified to go shopping for a home, at this point we will give you a prequalification letter so you can start shopping for your new home.
  • Going shopping or proceeding with an offer:
    • Once you have the letter you may make an offer on the house you intend to buy, or you may begin shopping with your realtor to find a home that meets your needs and qualifications. Our team will communicate with your realtor and you to make certain what is needed for a successful transaction is included in the contract.  NOTE: It is imperative to negotiate any seller paid closing costs up front in the initial contract.
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Getting a contract

  • Once you find a home, you or your realtor will negotiate terms and put together a contract. If you are not using a realtor, you must agree to terms with the seller in writing and provide us a copy of that contract.
  • Once the terms are agreed upon and the contract is signed, you will likely have to put down an earnest money deposit (EMD) on the contract. The amount of money varies depending on the terms of the contract.  This deposit will be applied toward your total down payment and closing costs at the end of the loan process when you are at closing.  NOTE: In order for this EMD to be used and applied toward your cash to close, this deposit must come from a verifiable source like your bank account.  A personal check or cashier’s check directly verifiable from your bank account is acceptable.  Cash or a money order is not verifiable.
  • A copy of the signed contract needs to be sent to us (by your realtor if you have one – if not by you).
  • At this point, the official loan process starts.
  • Pre- Qualified color1200
  • Stamp_In Underwriting colorLarge 1200px
  • Stamp_Loan Approved colorLarge 1200px
  • Stamp_Funded colorLarge 1200px
  • Pre - qualified white512

Getting a contract

  • Once you find a home, you or your realtor will negotiate terms and put together a contract. If you are not using a realtor, you must agree to terms with the seller in writing and provide us a copy of that contract.
  • Once the terms are agreed upon and the contract is signed, you will likely have to put down an earnest money deposit (EMD) on the contract. The amount of money varies depending on the terms of the contract.  This deposit will be applied toward your total down payment and closing costs at the end of the loan process when you are at closing.  NOTE: In order for this EMD to be used and applied toward your cash to close, this deposit must come from a verifiable source like your bank account.  A personal check or cashier’s check directly verifiable from your bank account is acceptable.  Cash or a money order is not verifiable.
  • A copy of the signed contract needs to be sent to us (by your realtor if you have one – if not by you).
  • At this point, the official loan process starts.

Getting prequalified/pre-approved

  • Once initial documentation is received, our team will review it for completeness. Please be thorough and comprehensive.
  • After complete documentation from the initial “needs lists” is received, it will be reviewed to determine your qualifications.
  • An official assessment will be made, and you will be informed of your options.
  • If you are qualified to go shopping for a home, at this point we will give you a prequalification letter so you can start shopping for your new home.

Going shopping or proceeding with an offer:

  • Once you have the letter you may make an offer on the house you intend to buy, or you may begin shopping with your realtor to find a home that meets your needs and qualifications. Our team will communicate with your realtor and you to make certain what is needed for a successful transaction is included in the contract.  NOTE: It is imperative to negotiate any seller paid closing costs up front in the initial contract.

Getting a contract:

  • Once you find a home, you or your realtor will negotiate terms and put together a contract. If you are not using a realtor, you must agree to terms with the seller in writing and provide us a copy of that contract.
  • Once the terms are agreed upon and the contract is signed, you will likely have to put down an earnest money deposit (EMD) on the contract. The amount of money varies depending on the terms of the contract.  This deposit will be applied toward your total down payment and closing costs at the end of the loan process when you are at closing.  NOTE: In order for this EMD to be used and applied toward your cash to close, this deposit must come from a verifiable source like your bank account.  A personal check or cashier’s check directly verifiable from your bank account is acceptable.  Cash or a money order is not verifiable.
  • A copy of the signed contract needs to be sent to us (by your realtor if you have one – if not by you).
  • At this point, the official loan process starts.

  • An appraisal may be required for your loan.
  • As soon as you are ready for us to do so, we will order the appraisal. Some clients like to delay ordering the appraisal until they are through with the home inspection and sure there is nothing major wrong with the home.  Once we order the appraisal, you will be responsible for paying for the appraisal report.  Fees for this service vary depending on location, loan type and property type.  You will NOT pay E5 Home Loans.  You will pay an independent 3rd party appraisal management company (AMC) for the appraisal report.  NOTE: Appraisals for VA loans are not paid for at this time in the process.  They are billed to the veteran at loan closing.
  • Home inspections independent from the appraisal are not necessarily required to obtain financing. If you choose to do these types of inspections, they are the buyer’s responsibility except for some cases on VA loans.
  • If your contract requires a termite inspection, we will require a copy of the results. If there is evidence of termites, we will require that the home be treated.  NOTE: In certain geographic locations, termite inspections are required for VA loans.
  • Well or Spring Water – if the home has its own water source, a water potability test may be required.
  • Septic System – if the home has its own wastewater treatment facility (aka septic system) and is vacant at the time of appraisal, a certification of the septic system will likely be required.
  • Survey – some states require a survey. If one does not already exist, a new survey will be required.
Getting prequalified/preapproved
  • Once initial documentation is received, our team will review it for completeness. Please be thorough and comprehensive.
  • After complete documentation from the initial “needs lists” is received, it will be reviewed to determine your qualifications.
  • An official assessment will be made, and you will be informed of your options.
  • If you are qualified to go shopping for a home, at this point we will give you a prequalification letter so you can start shopping for your new home.