If you've never bought a home, or maybe you did...but don't get deeply involved in all the details, the loan process for getting a mortgage might be a bit mysterious to you. With all the focus on the mortgage industry lately, we decided to simplify and demystify this process for the average person.
The Typical Mortgage Loan Process:
1. Get Prequalified! Call us and we will help you connect with highly reputable mortgage professionals. As we have seen in recent weeks, they are NOT all created EQUAL! A referral from your Realtor is your best bet.
2. Start shopping for homes....we will be happy to show you any available homes in your price range that will suit your needs & wants. Once a home is selected, we will help you negotiate the contract for purchase.
3. Make sure you provide all personal documentation requested by your Mortgage Professional and sign and return your typed loan package promptly. Delay in these steps can actually delay your closing, or possibly cause you to lose the contract on the home you are purchsing if not careful.
4. Your Mortgage Professional's Loan Processor will verify your employment, assets and income.
5. Your Realtor, Mortgage Professional, and Title Escrow Officer will see that the title commitment, tax certificates, wiring instructions, survey, and appraisal are ordered and on track to be ready for closing as required.
6. Your Mortgage Professional will submit your loan file to the underwriter.
7. Make sure you discuss interest rates with the Mortgage Professional throughout this process and be prepared to lock your rate 30 days in advance.
8. Once the underwriter has issued the Final Approval, your file will be submitted to the Loan Closer.
9. The Loan Closer will prepare closing documents for your final signature at closing.
10. Your Realtor or Mortgage Professional will contact you with your closing costs so you can prepare your certified funds for closing. You will then go to the specified title company (or Fed/Ex is sometimes used for out of town buyers) and sign your closing documents. As soon as funding occurs, you will get the keys to your new home!
Sally... I really like how you show that the Realtor, mortgage & title company all work together. That team work is what makes a smooth buying process! You are a good agent & I hope many people contact you. Brenda :)
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