Demystifying The Home Loan Process
If you haven’t experienced it before, the home loan process can feel overwhelming and intimidating, we help you stay informed throughout the process, from pre-approval to closing. The first thing to do is consult with a mortgage specialist (or two). If you don’t already have someone in mind, we partner with some of the best lenders in the industry, and we’d be happy to introduce you, so you’ll be taken care of. The lenders we partner with are known for their high level of customer service and communication so you keep in the loop during every step of the process.
Before you start looking for a home to buy, it’s a good idea to meet with your Loan Officer to get pre-approved for a loan amount. At this stage, the lender gathers information about income, assets and debts of the borrower (you) to determine how much house you may be able to afford. This includes a credit report, W-2 forms, pay stubs, Federal Tax Returns and recent bank statements. There are a variety of different loan programs and down payment assistance programs, so make sure to get pre-qualification for the specific programs that best suit your needs.
We’ll Help You Get The Best Loan
START THE PROCESS TODAY
We’ll help you find the best local loan officer to get you competitive rates and the programs that best fit your individual needs. If you aren’t sure what you’ll qualify for or if you are concerned about credit issues then we recommend beginning the loan process early before you want, or need, to move. Our lending partners are happy to work with you and walk you through how to improve your credit or the best way to structure your loan to meet your goals so you can purchase a home.
Application & Processing
AFTER YOUR OFFER IS ACCEPTED
When you find a property you’re ready to buy, your lender will provide you with a pre-approval letter and talk you through the various fees and down payment options. Your application is then submitted to processing and underwriting, where the documents are reviewed and appraisals and title examination are ordered. Underwriting reviews and approves the loan. Don’t be surprised if you’re asked for additional documentation or clarification throughout the process.
SIGNING AND FINALIZING THE DEAL
Once your loan is approved you’ll receive a final closing statement outlining the amount of money you will need to bring to the closing and the payment amount for your new loan. Your documents will be sent to the title company, where you’ll sign for the new home and pay any remaining costs. Then the loan is recorded and you get the keys. Congratulations, happy homeowner!