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HOME BUYING EXPERIENCE


https://www.harrynorman.com/
https://www.harrynorman.com/

THE HOME-BUYING EXPERIENCE


Step 1: Contact a lender for pre-qualification during the home-buying experience.


  • Provide pre-qualification information.

  • The Lender will give you a list of financial documents needed.

  • The Lender will determine what you may qualify for and go over your options with you!


Step 2: Write a contract & make an official loan application during the home-buying experience!


  • Sign an official loan application with the lender and provide any outstanding financial documents requested.

  • This is typically when you lock in an interest rate.

  • The Lender will order your appraisal and title work. Please note that an appraisal fee is collected when the appraisal is ordered.

  • Schedule your home inspection as quickly as possible.

  • Obtain quotes for homeowner’s insurance and decide which agent you would like to work with.

  • The loan process STARTS with the lender.


Step 3: Behind-the-scenes loan underwriting & processing during the home-buying expereince.


  • A Loan Underwriter reviews your loan file and issues a commitment to lend, provided the required conditions are met.

  • A Loan Processor obtains required conditions - including but not limited to employment verifications, IRS transcripts, updated bank statements, and documentation required for gifts or liquidation of assets.

  • Credit is monitored for new debt.

  • Waiting on title work, appraisal, and insurance.

  • The Lender may need additional information or documentation during this stage.


Step 4: Final loan approval


  • The Loan Underwriter has received & reviewed all items required for approval, including appraisal and final inspection (if applicable), title, and insurance.

  • Note that changes (credit changes, employment changes, etc.) can still affect closing negatively at this stage!


Step 5: Closing disclosure


  • Lists actual settlement costs.

  • A preliminary copy is issued a minimum of 3 days prior to closing.

  • You receive one figure for closing, which includes your down payment and settlement costs. This is payable to the settlement office by wire or cashier’s check, due at closing.


Step 6: Closing - CONGRATULATIONS!


  • Sign final closing disclosure and final loan paperwork.


Step 7: Loan servicing transferred (if applicable)


  • 1 - 2 months after closing.

  • "Goodbye letter" from the lender and introduction to a new servicer.

  • Welcome letter from new servicer with detailed contract information.


NOTE: This guide is not all-inclusive. Information is accurate as of today's date and is subject to change without notice.

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