The Mortgage and Loan Process

Why is pre-qualification and approval crucial when buying a home?

I recommend that all my buyers become pre-qualified before beginning your property search. Not only does this enable you to know what you can comfortably afford to spend on a property and eliminates the desire to view homes that are beyond your means, but it also signals to the seller and his/her agent that you are serious about moving forward.

Funding Your Property Purchase

  • Identify your lending institution that offers you the best rate and terms
    • Establish a timeline
  • Pre-Approval
    • Application and interview
    • Buyer provides all necessary documentation including employment verification and available funds
    • Credit report is requested
    • Appraisal scheduled for currently owned property if applicable
    • Lock in rate (Many lenders allow the buyer to lock in the rate for a defined period of time.)
  • Underwriting
    • Loan package is submitted to underwriter for approval
  • Loan Approval
    • Parties are notified of approval
    • Loan documents are completed and sent to Title
  • Title Company
    • Title exam, insurance, and title survey conducted
    • Borrowers return for final signatures
  • Funding
    • Lender reviews loan package
    • Funds are transferred by wire
  • Documentation brought to closing