THE LOAN PROCESS
Just follow these 6 steps:

1. Understand rates & APR
2. Learn about loans
3. Get pre-qualified or pre-approved
4. Understand the loan process
5. Close the loan

1. UNDERSTAND RATES & APR
Interest rates, points, annual percentage rate (APR) … it can all seem confusing. But it's really all about making the down payment and monthly payment fit you and your lifestyle. So let's look at how you can custom fit a rate to your needs.

Know how interest rates affect your payment
The interest rate on a loan is used to calculate your monthly payment. The higher the interest rate, the higher your monthly payment. The lower the interest rate, the lower your monthly payment. Simple? Yes, but abstract until you see it applied to your loan. See our monthly payment calculator for a demonstration of how this works.

Use the APR to compare loans
Home loans are more than interest rates and points. They also involve other costs. The APR expresses the annual cost of a loan as a percentage, factoring in not only its rate, but the points and other charges over the life of the loan.

The Truth-in-Lending law requires all advertisements for home loan credit terms include the APR. The APR is intended to enable you to compare terms of loan products from different lenders.

To make an accurate comparison, compare loans with the same terms, interest rates and points. Then look at the APR. The loan with the lower APR is the less expensive loan.

Lenders also provide the APR along with a loan's interest rate in the Truth-in-Lending Disclosure Statement. This document will be mailed within 3 days after you submit an application.

2. LEARN ABOUT LOANS
Oricon Funding offers a wide variety of home loans for every borrower. You'll find everything you need to know about each type of home loan and its advantages here. To read more about Oricon Funding's products, see Loan Types.

3. GET PRE-QUALIFIED OR PRE-APPROVED
It’s time to start home shopping. You know how much home you can afford. Now, it’s time to compete with other buyer’s who are interested in the same home. Wouldn’t you like a competitive edge?

What’s the difference?

Pre-qualification	Pre-approval
Provides a "ballpark" estimate of your borrowing power Is based on summary information you provide on your income and assets Requires satisfactory review of property, financial documents and program requirements to issue final approval Is offered by most lenders	Provides proof to real estate agents and sellers that you're approved for a specific loan amount Is based on a verification of your income, credit and assets (in some cases, verification may not even be necessary) Is offered by Oricon Funding as a service to you before you find a home at no cost Is quick and easy
How to get it
Contact Us Call 1-888-9-ORICON Or try our "How Much Can I Afford" calculator	Contact Us Call 1-888-9-ORICON Or get pre-approved online now.

4. UNDERSTAND THE LOAN PROCESS

How Oricon Funding processes a loan
Loan Officer pre-qualifies you and collects required information and documents.
	Processor reviews your information and requests any additional documents. Once documentation is complete, everything is transferred to an underwriter.
Underwriter, a person who makes the final okay!
	Once approved, all documents are prepared for closing your new loan with an attorney!
Our professional staff will accompany you at closing to help answer any questions & make the process as seamless as possible.

5. CLOSE THE LOAN
The closing (or settlement) is the meeting at which you sign the paperwork and pay all expenses to take official ownership of your home. If you're looking for a day to celebrate buying your new home, circle this one on your calendar.

Although the closing process varies from place to place, many activities are standard. You'll be required to sign certain documents.

What happens at closing >
Closing documents you receive >