A Step-by-Step Guide
With the help of some basic personal information and a credit report, we will help you determine how much you can borrow, as well as what type of loan would be best for you.
Once you are pre-approved, we will connect you with a real estate agent who specializes in the areas that interest you and that are in your price range. In addition to helping you find a home, your agent will guide you through the entire home buying process.
With the guidance of your real estate agent, you can now make on offer on a home. Some negotiations may ensue, and once you come to an agreement with the seller, you will receive a signed Purchase and Sales Agreement.
Your agent will arrange for a home inspection to determine the condition of the property. Your mortgage advisor will then arrange for an appraisal, in which the property is compared to similar homes in the neighborhood to estimate its value.
Home Inspection and Appraisal
Your mortgage advisor will collect documentation of your income, assets and credit, and submit your file to a processor, who will organize the information for initial underwriter approval. If everything is within guidelines, you’ll be conditionally approved.
The processor orders a title report, confirming that the property can legally be transferred. This report, in addition to the appraisal, goes to the underwriter for review.
All reports and documentation go to the underwriter for a final sign-off. You may need to supply additional documentation at this time.
Final Loan Approval
You’re now ready to close! Your closing papers are sent to the escrow company for your signature. You will bring any remaining funds needed at this time.
All signed and notarized documents, including the Deed of Trust, are sent back to the lender for funding. Funding usually takes place 24-48 hours after signing.
After the title company records the deed at the county, you get the keys to your new home.