Taking it one step at a time works best in any home loan! Take a look at the home loan process before you start and ease that stress of the unknown!
HOME LOAN PROCESS
Some basic questions, taking a home loan application, and pulling credit is the first step to your pre-approval. Based on this information the best home loan program will be structured for you!
FINDING THE HOME
Once pre-approved it’s time to go find THE HOUSE! Victor is available to help calculate an estimated cash-to-close on any house you’d like at any time.
When the house is found and an executed purchase agreement is received, the loan disclosure package will be prepared.
Once the loan disclosures are issued, reviewed, and signed the appraisal will be ordered.
APPRAISAL TO UNDERWRITING
While we are waiting for the appraisal to come back your file will be prepared for underwriting. This is the optimal time to start shopping around for home insurance.
After underwriting reviews your file, conditions will be requested for additional information to proceed with the process. We will assist you in determining and collecting all that is needed.
CLEAR TO CLOSE
Once all of the underwriting conditions are met, a clear to close will be issued. We will work with all parties for the best date, time, and location for the closing
PRELIMINARY CLOSING DISCLOSURE
The preliminary closing disclosure provides a closer idea of the needed cash-to-close. Law requires this document to be signed no less than 3 business days before the closing date.
The exact cash-to-close will be updated 1-2 days before the closing date. The title company may require your funds in the form of a wire of cashier’s check.
The title company, loan officer, buyers, sellers, and REALTORS® will meet to sign the closing documents and keys will be exchanged. The first mortgage payment is due after the first full month of closing.
NOTE: Typically the buyer has a final walkthrough to ensure the state of the property before closing.
Interested in more information about the Home Mortgage Process? Download our app today and start your homebuyer education!