The majority of the questions we get during the home are about the financial aspects. Here is a step by step guide to the loan process (approved and verified by a loan officer!) as well as a mortgage calculator to help you figure out how much home you can afford!
**All mortgage information needs to be verified with a loan officer with specific terms according to each individual buyer** (Can we add this right under the mortgage calculator?
Understanding Home Loans:
While home loans can seem like an intimidating process, our agents will assist you in staying informed and educated throughout the process from pre-approval to closing. First things first, you will need to connect with a mortgage specialist. Many buyers have someone in mind for this. If you do not, we have some wonderful recommendations and would be happy to introduce you! When working with our preferred lenders, we guarantee you will be taken care of!
Get a Pre-Approval!
We suggest meeting with a lender about the same time as you start working with us as your agents, that way as soon as we find your dream home, you are ready to go! By getting pre-approved, you know what your purchasing power is. How much home you can afford will assist us as your agents know how to find the exact right home, for the exact right price. There are several different loan programs that your lender will be able to guide you through and make sure that your home loan is one that best suits your current needs as a buyer!
The Nitty Gritty!
Once we have found the property that you are going to buy, your agent will submit your offer with your pre-approval letter. Once the contract is complete and fully executed it will get sent by your agent to the loan office and the loan qualification processing will begin. During this time the loan officer will gather documents from you, discuss any fees and down payments, will schedule the appraisal and will work closely with the title company. Once the loan officer has everything, they need from you, the loan is sent to an underwriter who reviews all of the details and confirms it is in compliance. If it is not, they will send back conditions to be met by the buyer and we will work together to meet those. Once it is fully compliant, they approve your loan! This is also the time when your homeowner’s insurance needs to be ordered and completed by you!
Clear to Close and Closing!!
You’ve made it, the final countdown!
Once the loan has received the full approval you will get the “Clear to Close:” from your lender and all docs will be sent to the title company! The title company will then work on finalizing the Closing Disclosure for the buyers and the sellers that will cover any and all costs or fees associated with this transaction and who pays what. This will include all fees for title work, any real estate costs and all loan costs as well.
At closing all parties sign their paperwork, the loan gets recorded and you get the keys!! Congratulations to you, a new homeowner!!
This calculator will help you to determine how much house you can afford and/or qualify for.
Complete or change the entry fields in the “Input” column of all three sections. The calculator will automatically recalculate anytime you press the Tab key after making a change to an input field.