Ready to purchase your home? We are here to help you understand the process, answer your questions and meet you at the closing table. To follow is a quick overview of the cooperation and efforts, organized as steps, to get you there:
1. PreApproval for the loan amount for which you are eligible. This requires information on your income and taxes, credit score, financial history, and any similar information from a co-borrower, where applicable. Contact us for your PreApproval letter, and begin shopping for homes!
2. Find the home you love and make an offer. Please keep us posted when your offer has been made, accepted, or rejected. This allows us to prepare for the following steps in getting your loan funded (funds dispersed).
3. Under contract. Once your offer has been accepted, you are officially “under contract” to purchase your home. Now begins/ continues what we refer to as “loan processing”- collecting all employment verifications, tax records, statements, proof of funds, and any other required documents to secure your loan.
4. Order your appraisal and other services where applicable. You will need to confirm the value of your chosen home by having an appraisal completed by a professional hired appraiser. Additional requirements may need to be met as well, and costs vary according to your market and the size of your home.
5. Underwriting. Having compiled all of the relevant information regarding your unique financial profile, this information is sent to the chosen lender for further verification. Should there be conditions (extra terms that need to be met) on your loan, we will notify you for fulfillment requirements as soon as possible.
6. Clear to Close. You are ready to purchase your home, as all of the relevant numbers have met requirements, your appraisal and any additional services have been completed, and you have been given the congratulations- you are able to schedule your closing!
7. Closing/ Settlement. Please plan to attend the closing on your new home, or assign a Power of Attorney to do so in your stead. Here, you will sign legal documents, pay closing costs in person, and be granted the title and trust deed of your new home.