Start your Application – Your Personal Mortgage Advisor will
collect your documents for income and asset validations along with 2 year work history, pull your credit and go over the report and submit your loan for a mortgage pre-approval letter. Usually can be done less than 1 day as long as you have all income and assets documents (paystubs last 30 days, 2 years taxes, 2 years w-2's, 2 year work history, copies of last two months bank statements and most recent quarterly statement for retirement accounts.
Home Search – Your Realtor will show you the homes you qualify
for and keep you up-to-date with new listings
Making an offer – Your realtor will write up a purchase contract.
You will need to put down a small deposit, then negotiations
begin.
Contract Negotiations and Contract to Sale – Your Realtor will
negotiate with listing agent and seller. Once the contract is fully
executed your attorney will review the contract.
Scheduling A Home Inspection – This is when you find out if
there is any issues with your home. You and your realtor can be
there.
Acknowledgement of Loan Application – At this point you will
sign your mortgage application and submit any additional documents
requested like paystubs, w-2's, bank statements, updated income and assets
Appraisal of Property – Your loan officer will schedule with the
appraisal management company to determine the property’s
value.
Title search on Property to verify liens and ownership record and legal description of deed done by closing attorney or title company
Underwriting – Your loan goes for official review, approval, and
the loan is committed to. The underwriter will review all documents to include appraisal, title work, income and assets documents, credit report, and issue a conditional approval.
Closing Disclosure – Your closing disclosure will come out 3 days
prior to your closing settlement date, which will need to be
signed.
Schedule your Closing Date – Your closing and title work will
be scheduled with your settlement agent
Items for Closing – You will need your certified check.
Closing/Settlement – All mortgage Documents will be signed.
Both your settlement agent and Personal Mortgage Advisor will
review with you.
Moving Time – You receive your keys, enjoy your new home!