Step 1: Application
This is an important part of the mortgage loan process. I will help you identify which loan might be the best for your situation and your financial needs. The more information that you provide, the better decision I can help you make. Documents that I will always need can be found by clicking here.
Step 2: Approval
I will generate a prequalification letter that identifies what type of loan you are qualified for and what information I will need in order to complete your loan (pay stubs, bank statements, etc). Please return the outstanding items as soon as possible so that we have a smooth loan transaction.
Step 3: Find a House
It is important to find an experienced Realtor or builder during the mortgage loan process to help you with your search and decision-making process. If you need assistance, we can provide you with names of Realtors and builders who we have worked with in the past. Please let me know with whom you are working with so that I can contact them and share with them the type of loan you are using. Once you find a home, I can generate a pre-approval letter for that property so that the sellers do not know what amount you are approved for.
Step 4: Signed Offer, Inspections and Appraisal
Your Realtor will forward your purchase agreement to me so that I can start working on your loan. They will also arrange for the necessary inspections. Depending on timing, I will order the appraisal and title work after you have negotiated and completed your inspection process. The appraisal will make sure that your house is worth what you are paying for it and title insurance protects you to make sure that no one else can claim ownership of your new home. Although inspections are highly recommended, inspection costs are not covered in my estimate as they are not required for your loan.
Step 5: Locking your Loan
We will discuss the best timing for locking your loan and I will do my best to provide you with market information so that you can make an informed decision. In order to lock your loan I will need a signed “Rate Lock Agreement” form that I will send to you.
Step 6: Homeowner’s Insurance
Once you have made a purchase agreement and finalized inspections, it is important that you find an insurance company to issue Homeowner’s insurance for your new home. Please let me know your agent’s name and phone number as soon as possible. I will work with your agent to make sure that we can close on time. It is required that you pay for your 1st year’s premium at closing.
Step 7: Scheduled Closing
At about the same time that we are ordering appraisal and Title, I will discuss options for your closing date and time. We will close your loan (sign documents which transfer ownership) at the title company.
Step 8: Final Walk through and Closing!
Your Realtor or builder will schedule your final walk-through prior to our closing appointment of the mortgage loan process. Both the sellers, Realtors and the buyers meet at the title company to sign papers to transfer ownership. The buyers will sign documents first and then the sellers will sign. You will need to bring a cashier’s check to closing for the closing costs or down payment (I will let you know), please make sure it is made out to the title company. It is also important that you bring your Driver’s License and one other ID to the meeting. Congratulations, you are now a homeowner!
