Purchasing a new home should be one of life’s most exciting moments. As a full-service family of companies, we’re here to ensure you’re never daunted by the details.
While we are here to help you at every step of the process, it’s important to know the steps you can expect from start to close:
Pre-Qualification
In order to determine your loan eligibility, you will be asked to gather your financial records and credit score to determine the type and specifics of the mortgage you may be pre-qualified for.
Home Search
Being armed with a pre-qualification letter will give you greater credibility as a qualified buyer when you find the right home and are ready to make an offer.
Signed Contract
After both parties agree to the purchase price and terms of sale, you and the seller sign a contract of sale.
Selection
Working with a financial representative, you will select the loan structure of your mortgage that best aligns with your financial goals.
Application
You may apply for your selected loan through the completion of the loan application.
Appraisal
A licensed specialist appraises the value of the property you are purchasing and provides a legal report.
Underwriting
An underwriter reviews your credit profile and the property’s appraisal. If the loan is approved, the underwriter will determine the final terms of the loan.
Cleared to Close
If your loan is approved, the closing documents are delivered to the closing agent.
Closing
During the closing, a promissory note (a written promise to repay the total sum plus interest, at the agreed length of time to fulfill the promise) is signed by the borrower and the deed transfers ownership of the property.