Mortgage and Loan Process

Funding Your Home Purchase

1. Financial pre-qualification or pre-approval
• Application and interview
• Buyer provides pertinent documentation including verification of employment
• Credit report is requested
• Appraisal scheduled for current home owned, if any

2. Underwriting
• Loan package is submitted to underwriter for approval

3. Loan approval
• Parties are notified of approval
• Loan documents are completed and sent to title

4. Title company
• Title exam, insurance and title survey conducted
• Borrowers come in for final signatures

5. Funding
• Lender reviews the loan package
• Funds are transferred by wire

Why pre-qualify?
• We recommend our buyers get pre-qualified before beginning their home search.
• Knowing exactly how much you can comfortably spend on a home reduces the potential frustration of looking at homes beyond your means.

Making An Offer

 The Price

What you offer on a property depends on a number of factors including its condition,

length of time on the market, buyer activity, and the urgency of the seller. While some

buyers want to make a low offer just to see if the seller accepts, this often isn't a smart

choice, because the seller may be insulted and decide not to negotiate at all.

The Move-in Date

If you can be flexible on the possession date, the seller will be more apt to choose

your offer over others.

Additional Property

Often, the seller plans on leaving major appliances in the home; however, which items

stay or go is often a matter of negotiation.

Typically, you will not be present at the offer presentation - we will present it to the

listing agent and/or seller. The seller will then do one of the following:

~Accept the offer

~Reject the offer

~Counter the offer with changes

By far the most common is the counteroffer.  When a counteroffer is presented, you and I will work together to review each specific

area of it, making sure that we move forward with your goals in mind and ensuring that

we negotiate the best possible price and terms on your behalf.

Closing

Prepare for It

Closing day marks the end of your home-buying process and the beginning of your

new life! To make sure your closing goes smoothly, you should bring the following:

~A certified check for closing costs and down payment. Make the check payable to yourself; you will then endorse it to the title company at closing

~An insurance binder and paid receipt

~Photo IDs

~Social Security numbers

~Addresses for the past 10 years

Own It

Transfer of title moves ownership of the property from the seller to you. The two

events that make this happen are:

     Delivery of the buyer's funds

     This is the check or wire funds provided by your lender in the amount of the loan.

     Delivery of the deed

     A deed is the document that transfers ownership of real estate. The deed names

     the seller and buyer, gives a legal description of the property, and contains the

     notarized signatures of the seller and witnesses.

At the end of closing, the deed will be taken and recorded at the county clerk's office.

It will be sent to you after processing.