ALL ABOUT MORTGAGES

This can seem scary, but you can avoid mistakes by doing research, asking friends and family, and looking for an experienced and trusted lender. They can help you through the process and get you the best rates for your buget.

Understanding what you want in a loan and what your budget is is a great start to talking with your lender about finacnial options. Know your credit history, downpayment (some loans don’t need much), current debts, monthly income, where you want to live, and what kind property you want to purchase (you don’t need a home in mind just yet and it’s even better to have a pre-approval before house hunting).

You and your loan originator will discuss your best options and needs, then work with you towards a pre-approval. You will need to complete an application from your lender. It’s suggested you have this pre-approval before shopping for homes on the market. This way you can act quickly with your lender if you find a home you want to make an offer on.

Our team loves to help our buyers narrow down all of the details when home searching in order to find the perfect place. If you are new to the area, military, or relocating, we can help you find the best fit for you. We also negotiate the best price on your new home. We then complete the purchase and sale agreement. This is when it’s time to secure the home financing from your lender. 

There are a few documents you’ll want to have in this step of the process. In addition to the final loan application, you will need to submit several important documents to your lender. These documents will usually include your W2’s, pay stubs, bank statements and any other information that can help provide the needed content on your current debt and income. 

This part of the process is a third party option. An Appraisal is hired by your lender after your documents have been submitted. Once ordered it can take around 2 weeks to receive. This report will show the current market value of the home and will signify that the purchase price is up to market value.

Once the loan application is completed, the file for the loan is send to underwriting on the lender’s side. This underwriter will review the loan for final approval. They look for any last minute obstacles and make sure the loan is all set for closing. It’s important to avoid anything that could make changes to your credit score at this time. This is also the part of the process where you will need to start packing and preparing to move.

This is the best part of the process, the closing! You have now made it through the loan process and house hunting and have closed on your new property. The loan originator will send you a closing disclosure detailing the final settlement figures and the total funds you will need for closing. Be sure to read these documents carefully and make sure  everything is accurate. Be prepared to sign a lot of paperwork on closing day. A closing can typically take 1-2 hours. You will be signing all of your documents and waiting for funding before the property is officially yours. This is our favorite part as it’s so great to see our client’s so happy to have a new home!