Financing a home can often be a challenging experience. With so many different programs, terms, rates, government regulations and requirements to be approved it can be an overwhelming experience. Our team knows how to making financing a home as easy as possible and to help you be an informed consumer.
Getting approved for a loan requires certain documentation to meet qualifying guidelines. There are several steps involved when purchasing or refinancing a home. Here is a recap of what to expect:
- Meet with a loan officer to discuss your goals and determine the program that may be best for you. We will give you an idea of what you could qualify for and what type of documents will be needed.
- Complete a loan application and provide the documentation; we will review your credit report and discuss the options available with you; at this point we proceed to loan approval submission and ordering the appraisal.
- The loan application, documentation, and appraisal are reviewed so the loan decision can be completed. At this time all aspects of your financing package are reviewed (credit, assets, liabilities, property value, income, etc). Once the loan is approved a “Loan Commitment Letter” is issued to you so you’ll know that your financing is in place. The loan commitment also will include any outstanding items that are needed before closing (such as homeowner’s insurance, property survey, etc).
- Once the final loan conditions are received the closing date and time are scheduled (this is normally the contract closing date unless mutually agreed upon by all parties). We will prepare the closing documents and work with the title company/attorney closing the transaction. A HUD-1 closing statement is prepared and sent to you with the amount you need to bring to closing, monthly payment, etc. This gives you an opportunity to review all closing costs and ask any questions.
- Closing day! You’ll sign the final documents, provide the funds for closing (we will wire your loan proceeds that morning), and receive the keys to your new home!
At any time if you have questions or concerns please contact us. During the loan process unexpected issues can arise, government programs and regulations can be revised, or your personal situation may unexpectedly change. We will work with you through any challenges that come up and we are here to help you every step of the way!