An overview of the loan process - HomeStar Financial Corp.

An overview of the loan process

Deciding to build a new home is an exciting time. At HomeStar Financial Corp. we think getting your loan needs to be as hassle free as possible.

There are four main steps involved in getting a loan. You'll see that we've made your part in them as easy as possible, and we do all the work! That's what we're here for.

Step one: Apply on Line

Complete the apply on line application to begin the process. This will allow us to analyze your financial situation. When you finish the application, it will be sent directly to one of our mortgage professionals. They will review your information and pre-qualify you for a mortgage loan.

Step two: Pre-qualify for your loan

When you information is reviewed, you will receive a Pre-Qualification Letter. This will inform you of loan options available to you. This document will request you supply additional information about your credit, employment, assets, residence history, and so on. This document will tell you how much home you can qualify to build. While you're picking out the home that's right for you, we will process your financial information to submit for Underwriting approval.

Step three: Loan Submitted for Approval

When you have chosen your final plans and price, your appraisal will be ordered, financial information reviewed and your loan submitted to underwriting for formal loan approval.

Step four: Loan Approved and Construction begins

Now that your loan is approved by the Underwriter, it is time for the construction of your home to begin. You will close your construction loan and begin the building of your new home.

Homestar Financial Corporation, NMLS: 70864 a Georgia Corporation, holds the following state licenses in order to make or broker mortgage loans or operate under a licensing exemption as described. Homestar Financial Corporation is licensed as a Nationally Approved USDA lender for the Rural Development Single Family Housing Guaranteed mortgage program, a HUD Correspondent Mortgagee, License No. 1897400009, Georgia Residential Mortgage Licensee # 17368, Florida Mortgage Lender License ML# 0700287, Tennessee Mortgage Broker Certification # 0000003245, North Carolina Mortgage Lender License # L-143335, operates under exemption from licensing in Alabama, and operates as a lender in South Carolina where licensing is not required. Account Representatives:Wendell L. Couch NMLS# 277874 (Licensed in GA, TN, SC) Randy Hamby NMLS# 219465 (Licensed in GA, SC)