The Mortgage Loan Process:

What to Expect

Get either preapproved or prequalified for a mortgage loan amount

Start shopping for homes: 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 Insurance (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 mortgage loan file (with a property address and contract) has been submitted to the actual lender, we will order the appraisal of the property.

Choose a homeowner’s insurance agent, and introduce that person to us via email, or we can provide one for you.

Receive 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. 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 be prepared for the closing process to take all day. 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 receive the keys to your new home!

 

For more information, visit out Client Resources page

Get Your Mortgage Pre Approval Now

Compare listings

Compare
Call Now ButtonCall Us Now!