Home Buying & Financing: Taking the Steps to Reap BIG Change

By
Mortgage and Lending with NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 IL Lic 031.0006220/WI
http://actvra.in/56XH

 

Home Buying & Financing:

Taking the Steps to Reap BIG Change

 

Have you set yourself a goal of buying a home in the Chicagoland area?

 

If serious about buying, I'm betting you've tried to grow your savings, improve your credit standing, and raise your credit scores ... and chosen to work with a Mortgage Originator (because that's the fastest most efficient way) to help you do so.


You've been successful and you're now in a much more advantageous position to buy.  But what comes next?

 

Because of your decision to work pro-actively with an Originator prior to entering the home buying/financing process, you're ahead of many mortgage applicants.  You're better prepared and positioned to buy as you move forward.  You're organized and you've laid out your purchase objectives.  They're clear to you and your Originator.  

Your Originator is already well-versed on your credit standing, income(s), debt(s), savings, credit and more.  The initial act of the home buying process ... Pre-Qualification ... should be a breeze for you because of the preliminary actions you've taken.  

This Pre-Qualification portion of the home buying process is a great time for you to search and find the Buyer's Agent that will assist you during your home purchase.  Upon meeting, that agent will ask you a variety of questions. 

 

Especially if seeking to buy a home in a highly-competitive housing market, one of the first things your Agent will want to know is ...

 

Are you working with a Mortgage Originator? Have you been Pre-Approved? 

 

Once again, this next portion of you rhome buying process should flow more smoothly for you because you've been working with a Mortgage Originator during the time leading up to Pre-Approval.  Much of the needed documentation required for Pre-Approval may be in their possession already.

 

What type of information and documentation will your Originator need to complete your Pre-Approval?

 

Your Originator will need info and documentation related to your: 

  • Employment (Name, Address, Tel. # of Employer(s)
  • Income (W-2, Pay Stubs, Tax Returns, etc.)
  • Bank accounts (Investment, Savings, etc.)
  • If Renting:  Name, Address, Tel. # of Landlord, plus proof of 12 months of paid-as-agreed rent (Signed Statement from Landlord may be needed
  • More   

 
*  Click HERE for my Checklist of Documentation/info

Requested during Pre-Approval

 

After this important preliminary step is successfully completed, you can view homes with your Buyer's Agent.  With a Pre-Approval in hand, you can make an offer on your dream home.  Sellers will know that you're serious about buying ... and also have the means and financing to successfully do so.

 

If you offer is accepted, what then?

 

The following is a step-by-step guide that will lead you through the remainder of the home loan process:

  • Contract/Agreement of Sale:  The Home Inspection is ordered, then completed.  Requests for repairs/or credits are negotiated at this time.
  • Application Process:  A full Application is taken (either in-person or electronically) and completed.  Loan Terms are finalized.
  • Appraisal/Report Ordered:  Paid for by the Buyer, the Appraisal is ordered.  The Title Report is also ordered. 
  • Homeowner's Insurance:  The Buyer/Borrower should start shopping for their home insurance policy.
  • Processing:  Mortgage Processor completes and submits all updated info, verifications, etc.
  • Appraisal Report Received:  Appraisal is reviewed by Lender.  Buyer is emailed a copy within 3 days of its receipt.     
  • Underwriting:  Originator/Mortgage Processor submits the completed file to Underwriting.  When/if approved, an Approval/ Conditional Commitment Letter is sent to the Buyer (and Attorney, if applicable) for review. 
  • Commitment:  Buyer is updated on their file and any outstanding items needed by Underwriting.  Outstanding items/conditions are submitted.  
  • Final Clearance:  Upon all items being submitted, final clearance is provided.
  • Clear-to-Close:  Buyer is notified that they have received a "clear-to-close" via the Underwriting process.
  • Closing Disclosure is sent.
  • Closing Date is scheduled/coordinated between parties.
  • Loan Documents are drawn and delivered.
  • Final Closing Disclosure:  Prepared by Escrow - Closing Department.  Discloses all costs and expenditures, including the Buyer's "Cash-to-Close" for Closing.
  • Final Walk-Thru is performed.
  • Closing Day - Signing of Documents:  Loan documents are signed.  Funds are provided for Closing.  All documents are reviewed and the transaction is officially closed.
  • Celebrate! 

 

There are many steps to be taken during the home buying process.  Some small, some large ... some easy, some more detailed.

 

That makes it imperative that good communication be practiced by all parties (buyer and professional) throughout each step.  Every communication must be performed in a timely  manner.  Each conducted thoroughly and clearly.

 

When this is done, the process will be smooth, successful, and enjoyable. Exactly what home buying should be ... and the BIG change you wished for.

 

 

 

     *  Hoping to Buy or Refinance a home in the New Lenox - Chicagoland/IL or WI area?  Contact Me today!  I'll put my 40 years of mortgage experience and expertise hard to work on your behalf.

I'm easily found at:

 

Gene Mundt

Mortgage Originator  -  NMLS #216987  -  IL Lic. 031.0006220  -  WI Lic. #216987

American Portfolio Mortgage Corp.

NMLS #175656

 

Office:  815.524.2280

Cell/Text:  708.921.6331

Email:  gmundt@goapmc.com

Fax:  815.524.2281

Website:  www.genemundt.com

 

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Gene Mundt

 Mortgage Originator  -  NMLS #216987    

                                 IL Lic. #031.0006220  -  WI License #216987                                                                                                    

NMLS #175656

 

Gene Mundt, Mortgage Originator,  40+ years of #mortgage experience, will offer you exemplary mortgage service and advice when seeking:  #Conventional, #FHA, #VA, #Jumbo, #USDA, and Portfolio Loans in #Chicago and the greater Chicagoland region, including:  The #Lincoln-Way Area, #Will County, (#New Lenox, #Frankfort, #Mokena, #Manhattan, #Joliet, #Shorewood, #Crest Hill, #Plainfield, #Bolingbrook, #Romeoville, #Naperville, #Wilmington, #Peotone, etc.), #DuPage County, the City of Chicago, #Cook County, and elsewhere within IL and Wisconsin. 

 

Your Referrals & Testimonials are Always Greatly Appreciated! 

 

Email Me .. to be added to my Mortgage & Real Estate Newsletter

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Topic:
Home Buying
Location:
Illinois Will County Joliet
Groups:
Mortgages
Home & Credit Savvy
1st Time Buyers
Consumer Mortgage Tips
Bananatude
Tags:
mortgage process
preapproval process
preapproval for mortgage
documentation needed for loan application
steps to home buying
prequalification for mortgage
steps to obtain a mortgage
mortgage advice and tips
choosing a mortgage originator

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Ambassador
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Gene it becomes very clear that there are a lot of steps in the process when it is all laid out on paper.

Sep 07, 2017 01:45 PM #1
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Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Gene - That's a great walk-through of the lending process. It may seem a bit complicated but with the help of a great loan originator like you, it will go smoothly and successfully.

Sep 07, 2017 03:03 PM #2
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Anna Banana Kruchten CRS,CRB
Phoenix Property Shoppe - Phoenix, AZ
Arizona's Top Banana of Real Estate!

Hi Gene - very complete explanation of what to expect in the home buying process. Home buyers in the Chicago area would be very wise to call you for your expert advice and through understanding of the process.

Sep 07, 2017 04:59 PM #3
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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Very informational, Gene. It is always wise for buyers to talk to a loan originator first to get their ducks in order.

Sep 10, 2017 04:43 PM #4
Rainmaker
2,761,473
Michael Jacobs
Coldwell Banker Residential Brokerage - Pasadena, CA
Los Angeles Pasadena Area Real Estate 818.516.4393

Hi Gene -- it's that preparation thing...once again...that makes life and obtaining a loan so much easier.   Very good step-by-step for anyone thinking of purchasing especially first time homebuyers.  

Sep 10, 2017 06:04 PM #5
Rainmaker
3,191,760
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Gene, great post for buyers to understand this process and know exactly what to expect.  

Sep 12, 2017 07:08 AM #6
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Rainmaker
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Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

708.921.6331 - 40+ yrs experience
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