“Sweetheart, you can’t buy the necessities of life with cookies.”
– Alan Arkin
get smart & learn about
the home loan process
If you haven’t experienced it before, the home loan process can feel overwhelming, but we will help you stay informed throughout the process. Obtaining a home loan is one of the most important steps in the process of buying a home. We suggest meeting with a Loan Officer after our initial buyer’s consultation to start the loan approval process. This way, we can explain what to expect, and offer a list of the finest loan professionals in the industry to ensure the best possible outcome for you.
Your Loan Officer will gather information about income, assets and borrower (you) debt, to determine how much house you may be able to afford. This could include a credit report, W-2 forms, pay stubs, Federal Tax Returns and recent bank statements. There are a variety of different loan programs available. You will discuss these with your Loan Officer, as well as your anticipated budget including your monthly payment goal to best choose a specific loan program to best suit your needs. You’ll meet with your loan professional before we hit the road and begin our home shopping adventure.
Your Loan Officer is one of the most important pieces in the puzzle of home ownership, and it’s imperative you’re working with someone who knows their stuff! We’ll work together to make sure you’re on the right track. The last thing we want to have happen for you is to find your dream home, and have the transaction fall apart because of a loan issue.
Once you’ve met with your Loan Officer, been pre-approved and have decided on a comfortable price point to shop, we’ll begin our house hunt based on the criteria discussed at our initial buyer’s consultation, as well as any current changes to your needs/wants list.
application & processing
your loan goes "live"
When you find property you’re ready to buy, your lender will help you complete a full mortgage loan application, and talk you through the various fees and down payment options. The application is submitted to processing, where the documents are reviewed and appraisals and title examination are ordered. Then the loan is sent to an underwriter, who reviews and approves the entire loan if it meets compliance.
offer accepted
& let's close on a home
Even after your loan is approved, don’t be surprised if you’re asked for additional documentation or clarification throughout the process, or just before your documents are prepared by the lender. Once prepared, your documents will be sent to the Escrow Company. This is where you’ll sign for your new home and pay any costs associated with closing. Your Escrow officer will let you know the amount needed prior to your signing. Documents will head back to the lender after all parties have signed. The next step is funding the loan and recording with the county, typically done a day or so after signing takes place. Last step, and best part… you get the KEYS! Congratulations homeowner!
