Let’s take it step by step.
1. Get Pre-Approved
We: Meet with you to discuss loan options and give personalized pre-approved amount.
You: Meet with loan oﬃcer to discuss loan options and personalized pre-approved amount.
Tip: Getting pre-approved before your home search will save you time and eﬀort. Sellers may be more likely to sell to someone who has been pre-approved. It will also ensure you don’t fall in love with your dream home only to ﬁnd out you can’t aﬀord it.
2. Find a House
You: Find a house and agree to the terms of the seller. Execute a Real Estate Purchase Contract (REPC).
Tip: Using a real estate agent will make the process quicker, more efficient, and help ensure that your rights are protected. Depending on the market conditions, an agent may be able to negotiate to have the seller cover all or some of your closing costs.
3. Talk to Us
We: Review your REPC with you and decide on loan terms and discuss locking the rate.
You: Review your REPC with your loan oﬃcer, and decide on loan terms and discuss locking the rate.
Tip: For most home shoppers, it’s best to lock in your rate after you sign an agreement. Don’t lock too early. If your loan doesn’t process within your lock period, you’ll lose the rate. Usually, a lock is good for 30, 45, or 60 days.
4. Electronic Consent
You: Make sure you have given electronic consent before you receive initial loan documents via email.
Tip: Failure to sign can delay closing, so watch your inbox and be prompt when your loan oﬃcer sends you any documents.
5. Appraisal and Inspection
We: Order an appraisal to ensure value and to protect your interests.
You: At your discretion have the home you are purchasing inspected by a home inspector.
Tip: Though not required, having the home inspected will help you know the condition of the property and prepare you for possible future repair costs.
6. Submit All Items Needed
We: Contact you for any documents that are missing or needed.
You: Submit all items needed for ﬁnal approval.
Tip: Here is a quick list of common documents needed throughout the loan process.
7. Initial Underwriting
We: Submit the loan for approval and work with the team to meet all of your conditions.
Tip: Watch your inbox. During initial underwriting our loan oﬃcer will contact you if anything is missing or needed.
8. Underwriting Approval
We: Issue ﬁnal approval.
9. Closing Disclosure Issued
We: Review and prepare documents and send to title company for closing and funding.
You: Review and sign the initial closing disclosure.
Tip: You must sign three business days prior to settlement.
We: Get so excited that you get to move into your new home!
You: Get keys from your agent and move into your new home!
Tip: Celebrations aren’t required, but are highly recommended. Celebrate responsibly.