The Home Loan Process
If you are thinking about purchasing a home the very first thing you will want to do is schedule a complimentary consultation with a mortgage lender. This is when you will discuss your finances, income, debt, credit score, and the different loan programs that are available. You will get a clear picture of what you will need to do in order to qualify for a loan and what type of loan product you may need. This meeting can be over the phone or a face-to-face meeting either in-person or virtually.
Once you have had "the conversation" then you will need to gather your documentation (paystubs, tax returns, etc.) and submit this documentation to the lender. You will also fill out a loan application. Once you submit this paperwork to the lender it takes a few days to review and if approved you will receive a preapproval letter. At this point you can officially look for a home to purchase as we would have a loan pre-approval letter in hand and ready place an offer on a home you love!
#3 FUNDING & CLOSE
Once your offer is accepted by a seller we then open escrow which is usually around 30 days. During this time your loan will be underwritten by the financial institution and they will ask you for additional documentation and information as questions arise during the underwriting process. You will typically have 21 days within the terms of the home purchase contract to get your loan fully approved and ready to fund. At around day 28 or 29 your loan will fund and you will close escrow on your agreed upon close date from the contract. Closing escrow = THE HOUSE IS YOURS!
We can arrange a complimentary financial consultation with one of our preferred lenders. This is a "no-hassle" appointment full of information you will need if you want to consider taking the next step toward purchasing a home.
You will walk away enlightened (we promise) and oh did we say it's free? It's FREE