The Loan Process
Here’s what to expect to happen during the loan process
Get preapproved by us.
Shop for homes with us: Check with us before you decide to make an offer. We will make an evaluation based on the Real Estate Tax, Home Owner Assoc. Due, Mortgage ins (Optional) combined with the Principle & Interest to determine if it fits your budget.
Make an offer.
Negotiate until you have a contract, or until you walk away.
Either “lock” or “float” your interest rate for the period of time until closing. Our team will explain this to you. We will also stay in close touch with in case updated documentation is needed.
Once your loan file (with a property address and contract) has been submitted to the actual lender, we can order the appraisal of the property.
Choose a homeowner’s insurance agent, and introduce that person to us via email.
Wait to hear from us or our processor that your loan has received initial approval by the underwriter at the lender. You’ll receive a list of items the underwriter wants (called “conditions”) and you’ll want to provide each and every one to our processor as quickly as possible. Among other items will be the front and back of any earnest money checks you gave to your realtor (typically one when you submit your offer and often another one a week or two later). The underwriter will want to see those canceled checks and also an official printout of your bank account showing the checks coming out of the account. Ask your loan officer or loan processor what printouts are acceptable.
When your items are in, and the appraisal is satisfactory, all is sent back to the underwriter with a request for a “clear to close”.
Once you have a “clear to close” you can schedule the closing with your realtor. We will remind you to have photo id with you at closing (two forms if possible, such as passport and drivers license) and a cashier’s check from the account you provided to the lender (statements along the way) made payable to the title company you chose. The exact amount needed won’t be known until the settlement sheet is prepared by the title company. That is often not done until a few days prior to closing. Plan to get the check a day or two before closing and plan to have off work on the day of closing. The closing process typically only takes an hour, but there have been instances when it has lasted longer.
GO TO CLOSING, SIGN THE DOCUMENTS, TURN OVER THE CHECK, AND GET THE KEYS TO YOUR NEW HOME!!!!
YOU ARE A HOMEOWNER!
DON’T FORGET TO TELL YOUR FRIENDS AND FAMILY WHAT A GREAT JOB YOUR REALTOR AND LOAN OFFICER AND TITLE COMPANY DID IN HELPING YOU TO PURCHASE YOUR HOME!