If you have questions during any part of the process, don't hesitate to give me a call. Leah 386-864-2810
The first step will be to complete a home loan application. This will take about 15 minutes over the phone, or you can click Apply Now on the home page to apply online. Once completed, your mortgage professional will review your credit, debts and discuss your monthly payment & down payment goals. With the pre-qualification complete, you are clear to shop!!
For the pre-approval, your loan officer will need supporting documentation for your income and assets. Once those are verified, your pre-qualification will be upgraded to a pre-approval. Now you just need to find the right home. You are ready to put in a strong offer!
3. Finding Your Dream Home & Making the Offer
Provide your Realtor with the specifics of what you are looking for and then enjoy the hunt! Once you find what you are looking for, you and your licensed Realtor will put together a formal contract to the Seller and provide Earnest Money.
The home inspection is typically not required for your home loan, but it is strongly recommended. You have the right to have an inspector go out and inspect the property for any problems such as termite, water damage, or potential safety hazards. If everything looks good to your home inspector, then you will have added peace of mind, but if he/she uncovers any surprises, you may request repairs to be made before finalizing the sale.
5. Title Search
The Title Company will review the ownership history of the property you are buying and search for any liens against the property. All liens must be cleared prior to any transfer of title.
Once you are ready, an appraisal will be ordered on your property. This is ordered by the lender and the appraised value must justify the Sales Price.
7. Processing Review
A loan processor will put together all information pertinent to the loan application including the title report, appraisal, inspection if needed, income and asset documentation, as well as your credit report with any explanations included. With this complete file, your loan will be submitted for final underwriting review.
8. Underwriting Review
With all the information and supporting documentation gathered, the loan goes in front of one of our underwriters for full compliance review. This approval will be the final review before getting your loan closed. It is common for the underwriter to ask for some additional documentation or letters of explanation, don’t be alarmed, this is completely normal.
9. Home Owners Insurance
Your mortgage broker will provide you will 3 home owners insurance policy quotes to consider. You can choose one of the provided quotes or get some of your own. Homes located in a flood zone, will require flood insurance, which of course, you would want anyway.
10. Closing Documents
With a final approval and insurance policy, your loan processor will request your final documents to be prepared and sent to title.
Upon receiving the closing documents from Certified Mortgage Planners’ closing department, the title company has additional documents that they prepare, and once those two are complete they will call you to arrange a time to sign.
12. Funding and Closing
Once you have signed your documents at title, a wire for the amount of the loan will be sent from the lender to the title company. Upon receipt of those funds, the title company will record the purchase with the County Recorder. Congratulations! You’re a Home Owner!!
When confirmation of the recording comes through, the title company will issue a check to the seller and you can MOVE IN! Don’t forget to Homestead your property when the final documents come in the mail to keep your property taxes low!