Congrats! With rates at an all time low and home prices on the decline the market is prime for first time buyers. The hardest part is navigating the loan process. It is our job to do all the heavy lifting and make the loan application process easy and efficient.
Your loan officer will discuss your financial information, employment history, monthly debt payments, your money you have for a down payment and monthly/yearly income. Once you are comfortable about your loan options I will need to pull your credit to see which loan options are available.
With your financial information we will build the loan application and secure a pre- approval with the right lender. A pre approval is the lenders commitment to issue you a loan for a specific property. The pre approval is necessary when working with realtors to understand what property and payment you can afford.
I will need to collect the necessary paper work to verify all information of the loan application. My goal is to structure every loan and fully prepare it for underwriting for a quick approval. I might contact you for additional information required for certain types of loans or financial situations, but it is my job to make this an EASY process.
The file is sent to the lender for review of the financial documentation, to insure the loan can be re-paid and the risk can be secured. I work hand in hand with the lender to make sure all questions about the file are answered quickly so we can close.
After all our hard work it is closing day, which is the best part. I will work with you and your attorney to set a closing date. During closing we will review all documentation to insure you are comfortable with the process and your new payment obligations. Then you will sign several documents that will finalize the purchase with yourself and the seller.
Should I get pre-approved before looking for a property?
You don’t have to apply for a loan before looking for a property, but it’s a great idea to get pre-approved before you start home shopping. When you get pre-approved, you know ahead of time how much house you can afford, what you can expect your monthly payment to be, and how much money you will need for the down payment and settlement costs at closing. And the best benefit is that Real Estate Agents and sellers will take your offer more seriously if you have been pre-approved.
Let one of our experienced, licensed, mortgage loan specialists help you today.