|
|
 An overview of the loan process
Make no mistake, there's a lot involved in getting a mortgage loan. We understand that some buyers (first-time homebuyers in particular) have very little idea of how the process actually works. We do is most of the heavy lifting for you, so you can concentrate on what's important -- buying new furniture, calculating your budget, or finding your dream home. There are four main steps involved in getting a loan. You'll see that we've made your part in them as easy as possible, and we do all the work! That's what we're here for. | >>>Step one: how much can you can borrow? | This is a function of a couple things. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? The first part you can get a rough idea of by using the calculators on our website to get an idea of your debt ratios. We'll also help you through different scenarios by asking a few simple questions about your individual needs. Based on standard lender guidelines, we'll match your short term and long term goals with the appropriate loan program which will benefit you the most. This process will determine the sales price range of homes you should be looking at, or the size and payment of your refinance loan.
| | >>>Step two: get pre-approved | As a prospective home-buyer, it is of extreme importance that your ability to obtain financing is as bulletproof as possible. You supply us information about your employment, your assets, your residence history, and so on. We get your permission to run your credit score and collect your income documentation. When we review all this information and receive an initial approval we give you a Pre-Approval Letter. Writing offers with anything less than this is simply a waste of your time, you will not be perceived as serious by home sellers.
| | >>>Step three: offer acceptance |
Once you've made an offer and it's been accepted, your loan officer will forward a list of items you will need to prepare. This may include updated income and asset documentation, letters of explanation, and any information missing from the loan application. You also will be given an updated rate quote and a lock or float recommendation. Right away (as provided in your contract), your Agent will have you do the Pest Inspection and Home Inspection. These items will tell you right away if there are problems. Your lender will order and review an Appraisal. The results of these three items are the number 1 cause of decisions to not purchase, but good news: You are protected by a contingency period which gives you some time (typically 10 days) to do these inspections without risking your deposit. Even if there is a problem found, Sellers are usually more than happy to fix it | loan process, mortgage process, home loan, home purchase, purchase process, home purchase process, mortgage steps, lending process loan process, mortgage process, home loan, home purchase, purchase process, home purchase process, mortgage steps, lending process purchase mortgage process home loan |
rather than list the house again.
| | >>>Step four: underwriting and closing | Once all items requested by your loan officer, the fully executed purchase contract and all necessary documents such third party items provided by Title and/or Escrow companies are received, your loan file will be submitted to Underwriting. After this stage is complete the Underwriter will issue an Approve with Conditions statement which lists items that must be received in order to reach Final Approval. Once these items have been reviewed, the file is approved to release Loan Documents. You will be contacted at this point by a Notary with whom you will sign your final loan paperwork. Those documents with original signatures are overnighted for final review. Once final review is complete, your loan will fund: meaning a wire transfer will be made directly to the title and/or escrow company. The title and/or escrow company will then do the accounting and disburse monies to all interested parties including the seller. While this is happening, you will be legally placed on title as the new owner of record: a process involving the County recorder's office that usually happens the same or next day the loan funds. California law requires that the seller's agent surrender keys and possession of the house to you by 5PM the same day your loan is recorded.
|
You've answered a few questions, given us some detailed information, applied online, and next thing you know, you're moving in! We're in the business of mortgage loans -- so we do most of the work. Doesn't that make sense? This extended contact form will allow your loan officer to better serve your needs!
|
 |
|
|
|
|
