The Process
The mortgage process can seem overwhelming and frankly it would be if you had to do it yourself, but you don’t, that’s what we’re here for. We take great pride in our “High Touch” service in building a mortgage strategy that effectively matches your individual situation with your personal objectives. And while everyone has a different set of parameters the process is constant. Here is a quick primer of our 6 step process to give you an idea of what to expect.
Timeline
We can move very fast (less than a week) when necessary and feasible but in most cases once you find a house the process will take 20 – 30 days. The majority of the time is used with activities outside of the loan process&emdash;negotiations, inspections, repairs etc… Here is a general guideline to give you an idea of what to expect when you start your home buying process.
Step One: The Interview
Step Two: The Application
Step Three: Loan Approval
Step Four: Finding a House
Step Five: Signing
Step Six: Keys Please
Step One: The Interview
This is the most important step of them all as this is where we develop your individual strategy. We simply talk about what you are trying to accomplish and relate your objectives to the four components of a real estate transaction: Property, Income, Credit, and Assets. This conversation is more meaningful if we have pulled your credit as this will establish the foundation for your individual transaction. In the end you will have a good idea of how much house you can qualify for and what you can expect to be paying monthly.
Time: As much time as you need
Step Two: The Application
This is a very straight forward step. We simply document your income and assets. In most case if you provide the following and you are done.
The typical documentation includes:
- Past two years’ W-2 forms
- Current Pay stubs for one month
- Most recent 401k, IRA, Stocks/Bonds Statements
- Two months of recent bank statements
- Insurance gent Name & Number
Time: 1 Day
Step Three: Loan Approval
While your job is essentially finished ours has just begun. Our goal is to become transparent working behind the scenes building you financing package in order to get you the best rate at the lowest cost. If there is a challenge to overcome it is our job to be problem solvers and present you with your options. However, be prepared for any requests by the lender for information. Third parties such as employers and landlords can slow us down here.
Time: 1-2 Days
Step Four: Finding a House
You are now a home buyer as opposed to a home looker. With the pre-approval process complete, you know how much house you can afford and any offer you make will be taken seriously. You’ll make an offer, maybe a counteroffer or two. Then, once your offer is accepted, a closing date will be set… and it’s time to think about locking your rate in. You will get the home inspected, negotiate repairs if needed and finally an appraisal is ordered to verify the value of the home. We’re entering the home stretch!
Time: Days, Weeks, Months…
Step Five: Signing
A few days before the scheduled closing date, the escrow company will receive your loan documents and prepare them for you and the seller’s signatures. They coordinate between all the parties such as the seller, the seller’s mortgage holder, Us and you to make sure the money goes where it’s supposed to. Note: When you are determining a close date consider your schedule and make sure anyone who is on the loan has a certain amount of flexibility in their schedule as sometimes there isn’t a lot of notice.
Time: 1 Day
Step Six: Keys Please
After all the documents have been signed they’re returned to the lender for final review. With everything in order the lender authorizes funding of the loan. The money changes hands, your name is recorded at the county courthouse, and the house is yours!
Time: 1-2 Days