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The Financing Process

Our Preferred Lender

Hayden Hendry

Atlantic Bay Mortgage Group, L.L.C

As a trusted local Mortgage Banker at Atlantic Bay Mortgage Group®, I understand the many steps, moving parts, and information involved in the home loan process. When you work with me to achieve your homeownership dreams, my goal is to make you feel like you’re my only client. With my years of experience, top-notch customer service, and extensive mortgage knowledge, you can expect an enjoyable home buying journey from start to finish. Whether you are a first-time homebuyer, seasoned real estate investor, fall somewhere in between, or want to learn more about refinancing, I prioritize communication, transparency, and your comfort during the mortgage process. Trust in my guidance so you can enjoy a stress-free journey to closing. I am here to help you reach your financial goals and am by your side every step of the way.

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Our Preferred Lender

Lois Philyaw

CrossCountry Mortgage, LLC

I’ll be with you every step of the way Hello! I’m Lois Philyaw, a loan officer from Anderson, South Carolina. I believe lending is more than numbers — it’s about people, relationships and trust. With over 35 years of experience in the financial services industry, I’ve helped individuals and families find financial solutions that align with their goals. I’m passionate about being a trusted advisor and helping clients navigate every stage of the home financing process through empathy, personalized attention and dedicated support. Outside of being a loan officer, I value community involvement. I’m a member of the Greater Anderson Rotary, serve on the board of Habitat for Humanity and I’m an ambassador for the Anderson Area Chambers of Commerce. With the support of America’s #1 Retail Mortgage Lender, I’m able to offer clients greater flexibility, competitive rates and a wide range of mortgage options tailored to their unique circumstances. I’ll help you find the right mortgage solution for your goals!

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Demystifying Home Loans

The home loan process can feel overwhelming

By collaborating with a trusted lender and remaining informed through every step of the process, from pre-approval to closing, you can have a significantly more comfortable experience. You’ll want to consult with a mortgage specialist (or two) to find a professional who you are confident will provide you with the best care. To get an idea of what to expect, review the following home loan process steps.

Step One:

Get pre-approval

Before you start looking for a home to buy, it’s wise and proactive to meet with a lender to get pre-approved for a loan amount. Offers accompanied by a pre-approval letter are stronger and will stand out, especially when the seller is receiving multiple offers.

To gain pre-approval, your preferred lender will gather information about income, assets, and debts to help determine how much you can borrow. This includes gathering a credit report, W-2 forms, pay stubs, federal tax returns, and recent bank statements.

There are a variety of home loan programs offering different advantages depending on your unique needs and preferences. Your preferred lender can go over the specifics of each to ensure you find a loan option that best aligns with your needs.

Loan pre-approval letter showing a loan amount of $455,000, monthly payment of $3,500, 30-year repayment term, with signature and approved stamp.

Estimate Your Monthly Payment

Estimate your mortgage payment, including the principal and interest, taxes, insurance, HOA, and Private Mortgage Insurance.

Price

Annual Tax

Loan Term (Years)

Down Payment %

Interest Rate %

Monthly HOA

Monthly Insurance

Reset

$3,198.20

Estimated Monthly Payment

Principal

$2,398.20

(75.0%)

Taxes

$500.00

(15.6%)

HOA

$100.00

(3.1%)

Insurance

$200.00

(6.3%)

Step Two:

Find the best loan

Collaborating with a top-notch local loan officer will ensure you have access to competitive rates and programs that best fit your individual needs. Take the first step by completing this form to get connected today!

Step Three:

Application and Processing

When you find the perfect property and your offer is accepted, your lender will help you complete a full mortgage loan application, discuss down payment options, and explain any related fees.

Then, your application is submitted for processing where the documents are reviewed. Your lender will also order a home appraisal and a property title search.

The next part of the application process involves sending everything to an underwriter who will review and approve the entire loan package to make sure it meets all compliance regulations.

It is not unusual to receive requests for additional documentation or clarification during this phase of the application process.

Screenshot of financial application showing tax documents, checkmarks indicating completed tasks, and a search sidebar with options for managing applications and documents.

Step Four:

Signing and Finalizing the deal

Once your loan is approved, you’ll need to set up homeowners insurance.

Your documents will be sent to the title company and the closing will be scheduled for you to sign the necessary paperwork and pay any additional costs to complete the purchase of your new home.

After the loan goes through the required recording process, the purchase is complete, and you officially own your new home!

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Sheila Newton

Realtor | Sheila Newton Team | Howard Hanna Allen Tate Real Estate

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