Do you have questions about the loan process? Don't know where to begin?
Below is my comprehensive loan guide that takes you through the lending process from start to finish. Use the
articles below to find out everything you need to know from getting Pre-Approved to getting the keys to your new home.
Click on the links below for more in-depth information on the following topics:
Below is my comprehensive loan guide that takes you through the lending process from start to finish. Use the
articles below to find out everything you need to know from getting Pre-Approved to getting the keys to your new home.
Click on the links below for more in-depth information on the following topics:
Loan Road Map
Before you start the placing bids on homes, you should familiarize yourself with the mortgage process. You should have an idea of what documentation you will be required to show, how long the loan process takes, and the cost of obtaining a mortgage. Buyers who know what to expect can make well informed decisions to ensure that they get exactly what they are looking for. Take a look below to see the stops you'll take on your lending journey.
Get Pre-Approved
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Regardless of your home buying experience, this should be your first step when you've decided to look for a new home. First Time Home Buyers will get an introduction to the loan process, a better understanding of what owning a home can cost, and a clear picture of how much home they can afford. For buyers who have already gone through the process before, it's the perfect time to get caught up on any changes to the industry. Odds are your financial picture has changed along with the lending guidelines, getting pre approved can get you up-to-date on any new programs you can take advantage of. Reach out to your mortgage professional to get Pre-Approved today!
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Great news! Your offer has been accepted and it's time to get started. Now is the time to get back in contact with your mortgage professional so they can start moving your loan towards closing. If some time has passed since you've been pre-approved, you will be asked to send in up-to-date documents such as paystubs and bank statements. In this stage you'll receive your first loan estimate and your initial disclosures.
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Offer Accepted
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Appraisal and Loan Conditions
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Once you've signed your initial disclosures, it's time for your mortgage professional to order your appraisal. You will have to pay for the appraisal up front, meaning you cannot wait until closing day to submit a payment. In some cases, the appraisal can take a while to completed and it's important to order the appraisal early on in the loan process so you can meet your contract deadline. Your mortgage professional will also use this time to submit your file to the underwriters. "Loan Conditions" are additional pieces of information you'll need to submit to meet loan guidelines. These conditions can range from updated paystubs to letters of explanation on previous credit lines. The quicker you clear your conditions, the quicker your loan will close.
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The final step before closing is the Clear to Close phase of the loan process. Your home has passed the appraisal, your loan conditions are cleared, and you are ready to schedule a date to sign the closing docs. Up to this point, you've only been given estimates on the final cost of obtaining a mortgage, but those costs are finalized when you reach Clear to Close. Once you have your final Cash-To-Close number, your mortgage professional will help you come up with a plan to bring the money to the closing table.
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Clear To Close
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Get Your Keys!
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Congratulations!! You've made it to Closing Day. You'll need to block off a few hours to make sure you have enough time to sign all of your Closing Docs. You should have already sent in your Cash-To-Close so all that is left if your signature! If you have negotiated to receive your keys at signing, you'll get them after you sign all of your loan documents. You're officially a homeowner!
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