It is IMPORTANT to consult with a mortgage expert to get pre-approved.
Not only does this strengthen your offer by letting the seller know you are qualified to purchase their home, but it also gives you the opportunity to understand your mortgage options, down payment needs, and monthly payment.
You can shop with CONFIDENCE once pre-approved.
TO LEARN MORE ABOUT LOAN OPTIONS
Armed with a pre-approval letter you are ready to start shopping for homes!
Your realtor will help you find homes in your price range.
If you do not have a realtor we partner with some of the best realtors in each of the markets we work in and can get you in touch to help your home buying process.
CONGRATULATIONS! your offer has been accepted by the seller.
This is where the loan process begins.
Our in depth pre-approval process means we will likely have just about everything we need to submit your loan, but we may need some updated documents like pay stubs and bank statements.
Once we have your submission documents updated and ready to go we will submit your loan to underwriting and get your appraisal ordered.
OFFER ACCEPTED / IN CONTRACT
The appraiser will make contact with one of the Realtors and schedule a time to inspect the property.
Within a few days of completing the inspection the appraiser will submit the appraisal report. This report will be submitted directly to the lender from the appraisal management company. You will also receive a copy of the report once processed.
The appraisal report will confirm the condition and more importantly the value of the property.
CONGRATULATIONS! your loan has been approved.
At this time there may be some additional items needed to get final approval from Underwriting and we will reach out to coordinate getting those documents. These are known as conditions.
Once we have satisfied all the conditions and the appraisal has been cleared by underwriting will receive the cleared to close status and will move towards signing and funding.
THIS IS IT! the final steps of the loan process. Your loan has been fully approved and documents have been sent to the escrow officer.
You will be contacted to schedule a signing time where all parties on the loan will sign with a notary.
Once signed documents have been returned to the lender they will wire the funds to the escrow company and your loan process is complete!
SIGNING & FUNDING
Now that you are pre-approved it is important that you don't make any changes to your financial situation.
Change jobs. Apply for new credit. Make any large purchases. Move large amounts of money.
Communicate with your LO regarding any possible changes that you feel you need to make. Keep your down payment and closing cost funds in the same account and available for use.