The first step toward a home purchase is getting pre-qualified for a home loan. We will review your financial and employment information and determine how much you are qualified to borrow.
Everyone’s situation is different, so we find out what your goals, preferences and future plans are, so that we can make recommendations on loan programs and strategic ways to structure your financing.
In addition to helping you determine what you can qualify for, we also help you identify what your financing limits will be to help you stay within your mortgage comfort zone.
Once you are pre-qualified, we will issue you a pre-qualification letter that you can submit along with your purchase offer. This will give you a better chance of getting your offer accepted when that time comes. You can click here to Pre-Qualify.
- Loan Preparation Checklist
- Most recent 2 years Federal Tax Returns
- Most recent 2 years Business Returns with K-1 statement (if applicable)
- Most recent 2 years w2s & 1099s
- Most recent pay stubs to cover the last 30 day pay cycle
- Most recent 2 months bank statements
- Most recent 2 months investment or retirement statement
- Clear copy of driver’s license, permanent resident card, or visa
Since every situation is unique, additional information may be required. We will let you know if anything else is required.
Making an Offer
Once you have located a home, you will make an offer to buy it from the seller. Your real estate professional will conduct negotiations and a contract will be submitted to purchase the home, accompanied by the pre-qualification letter. Before submitting your offer, we ask that you inform us of the address of the home and what you plan to offer, so that we can provide you with an updated estimate and letter specific to the home in question. This allows us to confirm that you qualify for the property and allows you to see a specific estimate for the mortgage before you submit your offer.
When the seller accepts your offer, we begin the mortgage process. Once we receive a copy of the fully ratified sales contract, we can lock your rate, issue your loan disclosures.
- This process will also include
- Ordering your home appraisal
- Ordering title work from your chosen title company
- Ordering employment verifications
- Ordering flood certification and misc. fraud reports
- Reviewing all income, asset and credit documents provided
- Reviewing a copy of your home owners insurance policy (you must set this up with your chosen insurance provider)
- Submitting your loan to underwriting
- Conditionally approving your loan (additional documentation may be requested)
- Underwriting approval on all acceptable documents
- Final loan approval – Clear to close!
During the loan process, we keep you and your real estate agent informed on all loan milestones and due dates along the way.
Our goal is to keep you on track to meet all your contract contingencies and to close on schedule.
No less than 3 days from your settlement date, you will receive your Closing Disclosure that will show you exactly how much money you will need at your settlement. This document is required to be signed by you no less than 3 days prior to your settlement.
You will be required to wire your funds to the title company prior to the day of settlement, or in some cases, you may be allowed to bring a cashier’s check instead. Each title company is different, so make sure that you confirm what your chosen title company will accept.
- What happens on the day of your settlement:
- Meet with your real estate agent at the title company or designated closing location
- Make sure you have pre-wired your funds or have brought your cashier’s check and photo ID
- You and the seller sit with the settlement attorney to execute all closing documents, so that the title company can properly record the purchase of your home.
- You receive your new keys and become a happy home owner!
Making Your Payment
Included in your settlement documents, you will receive instructions on how to make your first mortgage payment. It typically takes a few weeks for your mortgage servicing account to be set up, but once it is, we reach out to you with information to help you get your account set up for making your mortgage payments.