| | It All Starts with the Pre-Approval
Before beginning the home search, the place to start is with your mortgage professional. It is very important to establish the maximum purchase price that is obtainable while maintaining financially sound monthly payments and structure down payment and closing costs. The basic loan documents need to be collected and given to your mortgage professional. The mortgage will be structured and the pre-approval letter will be written and sent to you and your real estate agent. - It is recommended that you spend an hour face-to-face going over rates, programs and the process to ensure that you are well-informed and feel comfortable and knowledgeable.
- Pre-approval process (as described in the buying/selling section).
- The search for your new home culminating in the contract for purchase.
- The signing of the loan application, locking the loan rate, collection of updated documentation, the earnest money – home inspection is not required but recommended. The processing of the loan will be completed. This is the compilation of all documentation required to obtain loan approval.
- Next, underwriting opinion which includes the verifications of employment, deposit, appraisal – with the approval or conditional approval or denial of the loan application file.
- The clearing of conditions required by the underwriter.
- 5-day attorney review; the whole process needs to be finalized by the mortgage commitment date set by the realtor.
- The clear to close and the ability to issue the mortgage commitment.
- The closing itself set by the seller’s attorney/title company and agreed to by the buyer/buyer attorney.
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