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