- Get Pre-Approved: Submit your application and the documents needed to verify your income, assets, and debts, including thirty days of recent pay stubs, last two years of W-2s, & two recent bank statements.
- Home Search & Offer: Your realtor will help you find the perfect home and write up an offer letter to the seller, which details the price you are offering to pay for a property and any applicable conditions.
- Purchase Agreement: Your realtor will write up the contract for you and the seller to sign. A deposit is generally required. This agreement will outline all of the required dates, deadlines, and contingencies.
- Home Inspection: If the offer is accepted, a home inspection is next. Home inspections are not required, but highly recommended! A home inspector will look for any issues or violations with the property.
- Application & Disclosures: I will have you review and sign a number of documents and disclosures, including your mortgage application and a Good Faith Estimate, which details the estimated costs of financing.
- Appraisal & Title: An appraisal (an estimate of property value) will be ordered and provided to my underwriting team. I will also select a title company to research the property title.
- Homeowners Insurance: Proof of insurance is required prior to closing. Your first year’s premium must be paid in full. Have your insurance agent contact me to ensure we receive the proper insurance binder.
- Final Approval: Underwriting will review all the documentation necessary to approve your mortgage loan. Additional verification may be necessary at this point. If all the documentation is acceptable, you will be clear to close!
- Settlement Statement: You will get a final break down of all costs and money required at closing. For closing, you will need government issued identification and a certified check for closing costs.
- Your Loan Closing!: It’s closing time! A representative from the title company will review all the loan documents with you. They will get signatures from both you and the seller. After all money is distributed, the deed will then be recorded with you as the new owner!
If you have any additional questions about the loan process, please feel free to contact me