Steps in the mortgage process…

Find a Home: Assess your wants and needs, we will work together to find your perfect home.

Pre-Processing: Your loan officer will need documents from you to begin your mortgage file.

Contract: Negotiated contract is forwarded to the loan officer & his team, and provided to the title company.

Apply for a loan: Review and sign the loan application with your loan officer.

Figure your type of loan: FHA offers a lower down payment, but higher upfront closing costs. Conventional loans require a higher down payment. Lock in your rate when mutually decided between you and your loan officer.

Inspection: Inspect the property for any structural, electrical, plumbing or other substantial issues.

Processing: Processor receives and reviews documents, appraisal, title insurance, tax certificates and
verifications. Seller orders title insurance.

Underwriting: Processor turns in completed file to underwriter for review.

Closing conditions: Underwriter provides a list of closing conditions to your loan officer. These conditions must be met in order to close.

Loan Approved: Letter of approval sent to agent within specified time period.

Closing Department: Closing documents and funds are finalized and sent to the title company.

HUD: Title company draws up the settlement statement to be approved by the lender and agents.

Final walk through: Walk through your house one last time to ensure compliance of remedy requests and approval of condition prior to signing.

Closing: Both sides sign closing documents and meet lender conditions. Title company requests funding from the lender.
Buyer takes possession!

Tips for securing a loan:

Don’t change jobs, become self employed, or quit your job.

Don’t make large purchases-including furniture or cars.

Don’t make excessive charges on your accounts or miss payments.

Don’t spend money you have set aside for closing.

Don’t omit debts or liabilities when applying for a loan. They will show up!

Don’t make new inquiries into your credit.

Don’t make large deposits without checking with your lender. The lender needs to see where funds are coming from.

Don’t change bank accounts.

Don’t co-sign a loan for anyone else.