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.
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