The Home Loan Process

The Home Loan Process

The Home Loan process is the essential first step when considering buying home. Buying a home may seem like a daunting and complex task. These 10 essential steps will put you on the right track.

Step 1

The home buyer needs to obtain a Pre-Approval qualification letter from a Lender. Once they have this Pre-Approval letter they are ready to start looking at all the wonderful homes on the market. The Pre-Approval letter lets you know how much house you can get with you budget.  A Pre-Approval letter also shows a seller that you’re a serious buyer.  Pam Robinson, is a great loan officer that can work with you. She has many Loan Products and can tailor a Loan Package that is suitable for your needs. http://www.myprospectmortgage.com/PRobinson/ would be a Great place for you to start.

Step 2

Now you are ready to start looking for homes. A great place that has unlimited homes to view would be BronxValueHomes.  Once you find the home that you want to buy you can place an offer to purchase with the help of your realtor.    

Step 3 

The Loan Package is assembled by your Loan officer. The loan officer will determine what products will best apply to your situation. Rates and terms will be determined.

Step 4

The Loan Application is submitted to the Lender and an Appraisal for the property will be ordered.

Step 5

While the File is being processed by the Lender, the home buyer can now shop for House insurance.

Step 6

The Loan goes into the Underwriting Process. Underwriting means – a decision is made whether to make a loan to a potential homebuyer based on Credit, Income, Employment history, Assets and etc.

Step 7

All Loan conditions and stipulations are submitted to the Lender and Loan documents are ordered.

Step 8

Loan documents are signed by all the necessary parties.

Step 9

The Loan is funded and all documents are recorded.

Step 10 

The homebuyer is now the proud owner of their home.

Pam Robinson

Loan Officer

Prospect Lending

516-850-1236

James Beech                        

RE Consultant

BronxValueHomes & Besmatch Real Estate

888-959-5876