We will begin your homeownership journey by contacting a Loan originator or mortgage company.
Though they will guide you through the process, I will be there with you…they will also provide a checklist of financial documents required to move forward. They will carefully assess your information and provide you with a range of viable options to consider.
Once they have determined your pre-qualification status, they will work with you to complete a contract and make an official loan application. During this phase, you will have the opportunity to lock in an interest rate while they obtain and review your appraisal and title work. Don’t forget to schedule your home inspection and obtain quotes for homeowner’s insurance.
A loan underwriter will review your file and issue a commitment to lend based on meeting the required conditions. The loan processors will collect any additional documentation required, such as updated bank statements, employment verifications, or documentation for assets. Throughout this phase, they will monitor your credit for new debt and address any additional documentation needs that may arise.
Once the loan underwriting and processing phases are complete, they will conduct a final review of all items required for approval. Any changes to your credit or employment status can still negatively impact your closing at this point.
You will receive a comprehensive list of your actual settlement costs a minimum of three days before closing, this document is called “CD or closing disclosure”. This figure will include your down payment and settlement costs, payable to the settlement office by wire or cashier’s check.
You have made it to the closing stage! Sign off on the final closing disclosure and loan paperwork to finalize the process. IMPORTANT: You need to make sure that, however you decide to transfer or deposit the money, it arrives on time for closing! Or else, You Will NOT close!
One to two months after closing, you may receive a “goodbye letter” from your loan originator and an introduction to your new servicer. Your new servicer will provide you with a detailed welcome letter, outlining pertinent contract information.
